Despite progress in addressing key fiscal weaknesses in many countries, significant policy challenges remain in advanced, emerging, and low-income economies, and must be faced in an environment where downside risks to growth have increased. Many advanced economies face very large adjustment...

The Asian financial crisis of 1997-98 shook the foundations of the global economy. What began as a localised 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...

We investigate whether a bank’s performance during the 1998 crisis, which was viewed at the timeas the most dramatic crisis since the Great Depression, predicts its performance during the recentfinancial crisis. One hypothesis is that a bank that has an especially poor experience in a...