In that context, I thought it might be useful to consider the choices and information available to the central bank on this related question now - in real time - without the aid of 20-20 hindsight.
Was it the greed, inattention, or herd instinct of the lenders? Or was it the inherent instability of international capital flows? Did the IMF step in just in time to avert total meltdown or did it fail to provide early enough warning? Did the conditions imposed on borrowers help restore investor confidence or further undermine it?