Going forward, international organizations and national authorities will have to invest more resources in monitoring markets for signs of stress. While there is not a single indicator of banking or balance-of-payment crises, the tracking of financial market prices in many markets and financial flows across borders should help to identify trouble spots. Where appropriate, national authorities should consider broadening the information they collect.
BIS Review 90/1998  -2-  Indeed, the Federal Reserve was concerned enough to tap the brakes by raising the short term interest rate in March 1997 before the Asian crisis hit that summer.