In 1997, an economic crisis, the result of 'weak' domestic financial systems combined with volatile international capital movements brought about by the globalization of financial markets, took place in the so-called Asian miracle economies. These economies had been lauded for their rapid economic growth, resulting from sound economic policies. In this edited volume, a selection of internationally respected academics explore what brought about the crash and what developing countries can learn from the reform experiences in Asia. Financial Liberalization and the Economic Crisis in Asia analyses how financial liberalization was undertaken in eight Asian countries - China, India, Indonesia, Japan, Malaysia, the Philippines, South Korea and Thailand - and how it might be linked to the subsequent crises. The contributors discuss what the model for financial reform in each country was and how it was implemented. The book concludes that removing government intervention from financial markets does not by itself bring about a stable and efficient market-based financial system. Rather, they demonstrate that when financial reform is carried out without a coherent strategy, buffeted by pressures from various domestic as well as foreign interest groups, and without an appropriate infrastructure, financial crisis can result. This topical study provides an insight into the complexity and difficulty involved in carrying out economic reform. It will appeal to students and researchers of the history of economic development as well as those interested in the Asian economies and the aftermath of the financial crisis.