The Global Financial Crisis of 2008 and the Asian Financial Crisis of 1997–1998 have a common trait, that is any shock to the financial system or market system can cause the system or market to flip from one state to another state.

Asian currencies lack regional policy coordination and are therefore subject to volatilities such as the Asian currency crisis of 1997/99. As the Asian currencies have already been observed to be 'flying-in-unison', a stable exchange rate arrangement can be helpful as the next step of evolution...

The many unique findings on economic growth studies by the flying geese analysis (Kwan, 1994), the convergence-catching-up analysis (Lim and McAleer, 2003), and competitive index rankings by the World Economic Forum (WEF) and the International Institute for Management Development (IMD), all...