1997 Asian financial crisis
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The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
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- The interesting thing is that, on the whole, the economics profession didn't learn the lessons of the East Asian crisis. I wrote about it a great deal, and I continued to do some research on the subject. But because we didn't learn the lessons of that crisis, we've had the crisis that began in 2007.
- Joseph E. Stiglitz, Trinity's Nobel Economists Lecture, September 2009, published in Lives of the Laureates: Twenty-three Nobel Economists (2014) edited by Roger W. Spencer, David A. Macpherson