This work investigates the systemic risks and structural vulnerabilities inherent in the rapid financial liberalization of Asia-Pacific economies during the late 1990s. Authors Gordon De Brouwer and Wisarn Pupphavesa utilize their expertise in regional economic policy to analyze the 1997 financial crisis. They argue that while integration promised growth, the lack of robust domestic financial intermediation and poor corporate governance created a fragile environment susceptible to contagion.

Experts recognize this text as a critical examination of the institutional failures that preceded the Asian financial crisis. It is frequently cited by scholars for its detailed focus on the intersection of deregulation and macroeconomic instability in emerging markets.