Initially, that is from the middle of 1997 up to the second quarter of 1998, most of the other emerging markets succeeded in keeping afloat and there was still a chance to keep the crisis restricted to the East Asian region.
But digitalization is two-faced: it can emphasize some behavioral biases, such as short-termism and impatience, but could nudge people into specific virtuous action. The final balance will be positive only if consumers are financially literate. Building a sound financial education is complex, as it requires a long-life approach on three challenging dimensions: knowledge, attitude, and behavior.