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The IMF and several Asian countries have so far pledged to provide more than a $100 billion in loans to help save Southeast Asia's struggling financial systems. Though in return for these loans, recipient countries must implement a series of austerity measures designed to contain the crisis and improve their free-market economic policies...
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Though in return for these loans, recipient countries must implement a series of austerity measures designed to contain the crisis and improve their free-market economic policies. Some of these austerity measures are to increase certain taxes, implement policies to discourage banks from making risky loans and to shut down many of the insolvent financial firms that had planned on being bailed out...
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Critically examine why financial liberalisation brought financial crisis in most of the Asian countries but did not bring a crisis in either China or India.
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