If these two assumptions are untenable, then the index derived may fail to provide useful information on future price developments. We cannot escape from the identification problem associated with asset price bubbles.
So while everyone has an interest in regional crises being effectively dealt with at the regional level, we surely still need global mechanisms for dealing with crises, and preventing them as far as possible. That prompts the obvious question: what has been done since the Asian crisis to improve the global arrangements? What has been done internationally since the crisis?