For the past twenty years, Asia has been regarded as aneconomic success story. The recent economic turmoil in theregion, however, has prompted a reevaluation of the longtermsustainability of the dynamic economic performance.Undoubtedly, lessons will be drawn from the Asian experience—lessons...

The quality of newly originated subprime mortgages had been visibly deteriorating for some time before the window for such loans was shut in 2007. Nevertheless, a bankruptcy court's directed ex post examination of New Century Financial, one of the largest originators of subprime mortgages,...