The Asian financial crisis of 1997-1998 shook the foundations of the global economy. What began as a localized currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies, long considered "miracles", respond? How did the United States, Japan and other G-7 countries react to the crisis? What role did the IMF play? Why did China, which suffers from so many of the same structural problems responsible for the crisis, remain conspicuously insulated from the turmoil raging in its midst? What explains the remarkable recovery now underway in Asia? In what fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the "new international financial architecture"? What lessons can be learnt from the crisis by other emerging economies? This book provides answers to the above questions and gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses and what needs to be done to fix it. It should be valuable to students of economics, international political economy, Asian and development studies. INDICE Introduction - issues, debates and an overview of the crisis Thailand - crisis, reform and recovery Indonesia - crisis, reform and recovery Korea - crisis, reform and recovery the domino that did not fall - why China survived the crisis beyond the Asian crisis - the evolving international financial architecture conclusion - post-crisis Asia - economic recovery, 11 September 2001 and the challenges ahead.