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Synopsis The Economic Crisis that hit the Asian Countries in 1997, and its spread to other emerging economies like Brazil, Argentina and Mexico across the world due to the spillover and contagion effects highlight one aspect of the crisis, that is lack of strong fundamentals. All these economies pursued bad macroeconomic policies, and their financial policies suffered from weak liquidity ratio. Countries like Thailand and Indonesia, which lacked strong fundamentals, felt the full impact of the crisis, while Singapore, which had the strongest fundamentals emerged relatively unscathed. Illiquidity, coupled with weak economic fundamentals, causes severe economic crises, while illiquidity itself can cause economic crises, even if economic fundamentals are sound. While external funding was not a problem in most of these countries, its prudent investment and the rising debt servicing charges were major concerns. To counter the situation, and to put these economies back on the rails, official credit agencies like World Bank and IMF offered a huge support. Most of these economies recovered fast by restructuring their Financial Architecture. However, a major step in the form of Global Financial restructuring is the need of the hour to prevent such crises in the future. This book includes articles from eminent persons like Nouriel Roubini, Pierre Beziz – Gerald Petit, and Philip Hanson and from international institutions like IMF, CEPR and Reserve Bank of Australia. This book is the first volume of the Global Economic Crises series. It illustrates the causes of the recent economic crises in emerging economies, with particular reference to the 1997 Asian Economic Crisis, and discusses the remedies for the same.