Thirdly an economic management model was applied which was not in keeping with the new demands of a globalised economy. Before massive financial assistance could be considered for these countries, a set of measures or rules was required that would lead to greater transparency, better management and anti-corruption efforts. Furthermore, the relationship among corporations, banks and governments needed immediate fundamental changes.
Some analysts believe that the Asian crisis did not stem from so-called “crony capitalism” but from economic liberalisation. They postulate that a flood of speculative capital first caused a real-estate bubble, which affected the rest of the economies when the bubble burst. The problem therefore was not a lack of openness but too much of it, too soon.