Best States For Business 2016Since the 1990s, attempts to modernize Asian financial systems have been interrupted—twice—by global-scale financial crises. The shift was a natural complement to the trade agendas the export-oriented Asian economies were embarking on. But this economic openness also made the larger, transitioning Asian economies more vulnerable to financial instability. The Asian Crisis (1997-1998) and the Global Financial Crisis (2007-2008) were two such periods of elevated instability that cost ordinary people their wealth and in some instances undermined their trust in government. As of 2014, McKinsey's comprehensive report Debt And Not Much Deleveraging showed Asian economies still evolving along a path of leverage-fueled growth.

Source: Forbes January 14, 2017 14:01 UTC