Domenico Lombardi noted that the author's presentation suggested an Asian mistrust of the IMF; also, a number of Asian central banks reacted asymmetrically to the crisis. He wanted to know to what extent this lack of coordination between Asian central banks was a factor in dealing with the crisis. Hyunduk Suh, on the other hand, asked why the Bank of Thailand was so slow in cutting the interest rate during the crisis. Ding Lu was curious about the relevance of the “trinity” of open macroeconomics in dealing with the Asian financial crisis since 1997. How exactly did the countries handle the trade-off predicted by the framework—or did it matter at all?
Maria Soccoro Gochoco-Bautista drew attention to the work of Hélène Rey, which suggests that, contrary to previously held notions, flexible exchange rates are not enough to guarantee monetary autonomy in the face of shocks from large capital flows, even...