The answer to this question seems to be “yes.” The major revelation - or wake-up call - that transformed the Asian devaluations into first-order crises was the (apparently sudden) realization on the part of investors that the Asian countries were suffering from deep structural imbalances, particularly in their financial sectors. This dramatic shift in sentiment was a central feature of the crisis in Asia.
Importantly, there were no similar downside surprises in Latin America, because investors were already familiar with the region’s structural inefficiencies and difficulties. It is fair to say that memories of the peso devaluation in 1994-95 remained fresh in investors’ minds.