Book Review of Trauma to triumph: rising from the ashes of the Asian Financial Crisis

Abstract

Trauma to triumph: rising from the ashes of the Asian Financial Crisis (edited by Hoe Ee Khor, Diwa C. Guinigundo and Masahiro Kawai) is an epic endeavor to link the devastation and “trauma” from the 1997-98 Asian Financial Crisis (AFC) in the ASEAN+3 region to the adoption of key domestic structural reforms and the establishment of regional !nancial cooperative mechanisms, which would be instrumental to the region’s “triumphs” of recovering and growing in the AFC’s aftermath, weathering the adverse effects of the 2007-08 Global Financial Crisis (GFC) and even thriving in the post-GFC period. In the midst of the still looming threat of the COVID-19 global pandemic, and the new threats posed by the Ukraine-Russia war and cost-push global in"ation, the titular “triumph” may also extend to the current opportunities for greater regional cooperation to overcome these challenges.