A Tale of Two Crises

Some analysts looked at the 1997/98 East Asian crisis not as one crisis but as a combination of crises, beginning with a crisis of confidence and evolving into a currency crisis, a financial crisis, an economic crisis, a social crisis and a political crisis.

This book is a multidisciplinary study of financial crises, in particular, the Asian crisis of 1997 and the more recent global financial crisis of 2008. Looking at financial crises not as one crisis, but as a combination of crises beginning with a crisis of confidence, this study steps out of the traditional mould and examines financial crises from novel perspectives. The book highlights that since the origin of a financial crisis is a confidence crisis, either in the whole economy or a particular sector, the Asian and recent global crises could have backward and forward linkages to political regimes and institutions, culture and tradition, the role of the media, society and societal evolution and development processes of regulatory regimes.

Through contributions by authors in fields ranging from sociology and political science, media and Islamic banking, to law and regulation, this study adopts a broad framework for understanding financial crises, and sheds light on the interwoven and complex structures and often overlooked aspects which contribute to the holistic understanding of this topic.

Author Biography

Seetharam Kallidaikurichi E. is an internationally recognized thought leader at the Asian Development Bank with over 20 years of professional experience in development cooperation, infrastructure policy, systems thinking, diplomacy, and Human Values. Since September 2008, he is a visiting professor on secondment from ADB at the Lee Kuan Yew School of Public Policy, National University of Singapore (NUS). He is also concurrently founding Director of the NUS Global Asia Institute (NUS-GAI) and the Institute of Water Policy (IWP). In recognition of his pioneering contribution to promoting engineering education and public policy, he was elected a Fellow of the Faculty of Engineering, University of Tokyo in 2009. Under his direction, the two Institutes conduct cutting edge integrative research on topics pivotal to the future of Asian cities and effective water policies, respectively. In 2010, NUS-GAI received $17 million for a new integrative initiative on health in Asia and IWP hosted the first BBC world debate on water. . His recent publications include volumes on Index of Drinking Water Adequacy and Developing Living Cities.