Question:

"In the subprime crisis, major central banks have intervened aggressively to provide liquidity to contain disruptions and contagion in financial markets. At the same time, the U.S. Federal Reserve has cut interest rates substantially to ease monetary conditions, and the U.S. Congress has approved a fiscal stimulus package. In the Asian 1997 - 1998 crisis, monetary and fiscal policies were initially tightened to support exchange rates. Only after exchange rates had stabilized at a lower level did governments adopt more expansionary fiscal policies to support the real economies" (Ee and Xiang, 2008).

Explain this difference in policy responses to financial crisis.