ADB; Park, Cyn-Young; Lee, Junkyu; Villafuerte, James; Rosenkranz, Peter2021-10-052021-10-052017-099789292579517978929257952420717202 22182675https://www.adb.org/publications/20-years-after-asian-financial-crisis-future-challengeshttps://hdl.handle.net/20.500.14540/5145This brief revisits lessons from the Asian financial crisis, examines the emerging challenges that could undermine future financial stability, and concludes with some policy considerations. The Asian financial crisis that took the world by surprise 20 years ago was a major turning point for many of the region’s economies. The crisis exposed structural weaknesses and policy distortions in crisis-affected countries, along with poorly planned financial liberalization and premature capital account opening. Going forward, Asia needs to pursue broad-based reforms to address new and remaining vulnerabilities and safeguard financial stability.8EconomicsFinance sector developmentFinance sector reform