Financial crises in Asia and Latin America: Then and now

In this paper, we analyze the extent to which past financial crises share common characteristics in Latin America, Asia, Europe, and the Middle East. We examine the recent crises in Asia and in Latin America, in particular their severity, to assess whether the considerable historical differences that we have documented for the earlier sample have eroded. We conclude that in a deregulated world, the "well-behaved" Asian financia1 crises are a relic of the past