In east Asia, in most cases, the latest episode has turned out to be far less traumatic than the 1997–98 Asian financial crisis. What was striking about the recent downturn was the simultaneity of the collapse in demand for durable goods around the world at the end of 2008.
At this point I make  3  A Turner (2015), Between Debt and the Devil: Money, Credit, and Fixing Global Finance, Princeton University Press. 4  C M Reinhart & K S Rogoff (2008), This Time is Different. Eight Centuries of Financial Folly, Princeton University Press. 5  J L Arcand, E Berkes and U Panizza (2015), Too much finance?