These changes have taken place since at least the 1980s but are increasing in their intensity with the rapid development of information technology. We can now witness very rapid changes in derivative instruments and structured finance instruments. The innovations and developments of such instruments increase the complexity  20  BIS Review 8/2008  and financial transactional links.
Outward-oriented growth, high savings and investment ratio, low inflation and strong fiscal positions were mentioned as the key elements in the successful development strategy. Each country experienced high GDP growth rates of 8 to 12 percent in the late 1980s and early 1990s. How then did these countries fall prey to such severe financial distress? The causes of the debacle are many and disputed.