Another reflection piece on the lessons learnt from the Asian Financial Crisis, this time from Mohammed El-Erian. He is currently the chief economic adviser at Allianz SE, the parent company of Pimco, where he previously served as CEO and co-CIO.
Twenty years ago, however, he was working at the International Monetary Fund in Washington that “would scramble — like almost everyone else — to understand and respond to cascading financial disruptions that would throw Asia into a deep recession.” He writes that, in a strange way, Asia has emerged from the crisis stronger, smarter and more flexible. He hopes the West follows course as it continues to deal with the consequences of the 2008 global financial crisis.
In case you missed it, also see a recent, similarly-themed post from Mark Mobius, executive chairman of Templeton Emerging Markets Group.