One important feature to note about the Nordic banking crisis is that while the crisis was caused by excessive liberalization policies without due adjustments for social policies and regulation settings, it was overcome without resorting to the financial rescue packages of the IMF.
3.3  The Asian currency crisis of the late 1990s  Now let’s move on to the familiar Asian currency crisis of the late 1990s. East and South Asia had been widely acclaimed as successful models for economic development by international institutions including the IMF and the World Bank.