摘要：The emergent economies of East Asia have shown remarkably resilience to the financial crisis that the global system has experienced since 2007. This contrasts markedly with the vulnerability to financial contagion that they exhibited during the 1997-8 Asian crisis. It is argued that East Asian resilience is the result of the bitter lessons of 1997-8 . Subsequent policies have been conditioned by the memory of the earlier crisis and the fear of another one. This has led in particular to reform in the banking sectors, and the development of self -insurance through the accumulation of national reserves and the establishment of regional funds. Overall, there has been a general development of the capacity necessary to respond rapidly to events, a marked contrast to the near policy paralysis that such economies as Indonesia and Thailand exhibited in 1997-8. The lessons of 1997-8 have been reinforced since 2007 and are leading emergent East Asia towards patterns of growth driven increasingly by domestic and regional demand, reducing their dependence on the rest of the global system and the West in particular
