In 1997, at least there was a strong U.S. economy. Now, the U.S. economy has been slowing down. But I think these countries have greatly increased their own capability to ward off risks. The second lesson is that financial and economic globalization has increased capital flows in the whole world, thereby increasing risks for many countries. More attention should be given to the voices of the Asian countries.
Asian countries ought to supervise better the speculative hedge funds.
Seven years have passed since then. The reasons for this small fluctuation is our balance of payments position. The size of our external debt is manageable. There is not much short-term external debt. Plus, we have foreign-exchange reserves that are increasing all the time.