The financial crisis and economic downturn that have engulfed the United States and Western Europe came nearly a decade after the financial crisis of the 1990s in East Asia. A new book jointly produced by the Peterson Institute for International Economics and Asian Development Bank concludes that one cause of the most recent crisis was that the West failed to heed the very recommendations that they had urged on Asia in the late 1990s.
The book, Responding to Financial Crisis: Lessons from Asia Then, The United States and Europe Now, includes eight research papers analyzing different dimensions of the various past crises in Asia, the United States and Europe, and the policies mobilized to minimize the damage and avert future difficulties.