Article at a glance:

Taking stock: Ten years after the Asian financial crisis

• The year 2007 marks the tenth anniversary of the start of the Asian financial crisis. The events that began with the Thai baht’s collapse in July 1997 cost the region tens of billions of dollars and generated speculation about a “lost decade” in Asia.
• Instead, Asia’s financial system is deeper and stronger than it was in 1997, and the region appears set to play an important role in the world economy over the coming decade.
• But Asia hasn't been immunized against shocks and dislocations. Critical improvements and initiatives must be implemented during the next several years.