Although new and strengthened regional institutions have emerged in most regions of the global economy, institutional variation has persisted. The key dimensions of institutional variation considered here are decision rules; commitment devices, such as legalization and enfranchisement; and...

This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several lessons from this crisis. First, there is a strong rationale for an international lender of last resort. Second, without appropriate conditionality for this lending, the moral hazard...

The literature on the impact of the economic crisis on micro, small, and medium enterprises (MSMEs) and how they deal with it is still limited. Focusing on the 1997–1998 Asian financial crisis and the 2008–2009 global financial crisis, this study aims to fill this gap. There are two key...

This paper explores episodes of financial crises and recessions experienced by the economies in Southeast Asia: the global debt crisis and the commodity price collapse in the 1980s, the Asian financial crisis in the 1990s, and the burst of the dot-com bubble and the global financial crisis in...

This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several lessons from this crisis. First, there is a strong rationale for an international lender of last resort. Second, without appropriate conditionality for this lending, the moral hazard...