Introduction In the period since the collapse of Asian currencies - roughly since the floating of the Thai baht on 2 July 1997 - I have spent a fair amount of time, as have many others, trying to understand the reasons for that collapse. It has been a salutary experience, and it has caused many of us to re-examine some cherished views.
I have already spoken twice on this subject, so I do not intend to cover the same material today. What I hope to do, however, is to draw some lessons from it, and to apply them to Australia.