The Asian economies have proven themselves to be very competitive in global markets and highly resilient. Consistent with this observation, the major Asian crisis countries appear to be well on their way to recovery, with the possible exception of Indonesia, which remains plagued by political instabilities.
But notwithstanding the underlying strength of the Asian economies - or perhaps precisely because of their underlying strength - there is much to be learned in assessing why they fared poorly relative to their Latin American counterparts during the recent round of crises.