1. During the Asian crisis, the currencies of many Asian countries declined even though their governments attempted to intervene with direct intervention or by raising interest rates. Given that the abrupt depreciation of the currencies was attributed to an abrupt outflow of funds in the financial markets, explain alternative Asian government actions that might have been more successful in preventing a substantial decline in the currencies values highlighting any possible adverse effects of your proposed solutions. (10mks)

2. Discuss five key lessons that Kenya and other African countries can learn from this crisis given that we have seen largely unregulated growth of borrowing, lending and infrastructure development within the continent. (10mks)