Books of Account
Curbing the Global Economic Downturn
Spotting emerging vulnerabilities
Crisis, they say, should be seen as an opportunity. Again, at the end of the crisis situation, it is worthwhile not to miss the opportunity for looking back at the lessons learnt. Take, for instance, the East Asian financial crisis of the late 1990s, which highlighted how vulnerable a small, open (capital account) economy can be to an adverse shift of capital flows. The crisis also demonstrated how quickly investors' confidence can erode and how their panic could spread contagion to neighbouring countries, Worapot Manupipatpong reminisces in one of the essays included in Curbing the Global Economic Downturn: Southeast Asian Macroeconomic Policy, edited by Aekapol Chongvilaivan ( www.iseas.edu.sg).