balanced budgets, high savings rates, high investment rates, low inflation and openness to the world marketplace
印度尼西亚和菲律宾的贫穷人口较多，受经济危机影响，出现了非常多的赤贫(absolute poverty) 人口。韩国和泰国重新出现了赤贫人口。
起初，“an exchange rate problem”，还有人把经济危机归于金融大鳄做空市场；
fixed exchange rates, high interest rates, and excessive borrowing from abroad
inadequate supervisory institutions, traditional banking practices, poor investment decisions made by the private sector, asset bubbles in stock markets and real estate
"Excessive borrowing abroad (primarily by the private sector) is the hall mark of this crisis."(P. 3)
the borrowings of banks and non-banks grew very rapidly
banks increased their net foriegn liabilities by large percentages during the four years prior to the crisis
external indebtedness reached large proportions, exceeding 50% of GDP in Thailand
The private sector was responsible for incurring these large overseas obligations.
short-term borrowings -- burden
“The combination of unhedged foreign liabilities, non-performing domestic assets, and the absence of institutions capable of supervising the banks and protecting small depositors created near perfect conditions for a classic banking panic." (P.8)
The oversupply of Asia's export markets in the late-1990s also contributed to the Crisis of 1997.
Political science: the product of familism and cronyism
Economics: the product of a regional panic and an overvalued currency
Market analysts: involving weak banks and real estate speculation, fixed exchange rates, partially overvalued currencies, and political uncertainty
Capital account convertibility;
Fixed exchange rates;
Excessive expansion of domestic lending accompanied by gross misallocation of investments by the private sector;
Absence of regulatory and supervisory capacities to control excesses in the financial sector;
Paralysis of political decision making at the onset of the crisis.