Explain the following in regards in reforming the economy of affected Asian Countries in different crisis.

AN AGENDA FOR REFORM - The following items could be helpful in speeding up reform in the crisis-affected countries of Asia.

1. Debt Restructuring

2. Private Sector-Credit Lines

3. Reform Exchange-Rate Regimes

4. Capital Account Reform

5. International Portfolio Controls

6. Establish Minimum International Standards of Financial Practice

7. Information and Transparency

8. Global Surveillance

9. Reform of Financial Markets

10. Greater Competition

11. Consolidation

12. Supervision and Regulation

13. Accounting and Disclosure

14. Stock Markets

15. Trade Policies

16. Foreign Direct Investment

17. Human Capital

18. Better Understanding of the Crisis Process

19. New Data

20. New Analysis

SOME POLICY IMPLICATIONS - How could the Asian economies have protected themselves against the possible repetition of the Mexican financial crisis and the earlier Latin American crisis? They had several options. These are reviewed below. Their problems stemmed primarily from rapid growth that was destabilizing.

1. They could have cut back on growth.

2. They could also have loosened the attachment of their currency to the U.S dollar.

3. They could have put a tax on short-term capital inflows if there was a reluctance to loosen the exchange-rate peg.