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Measures to avoid financial crisis

In integrated world financial market, financial crisis in country is rapidly transmitted to the other countries, resulting in the global crisis. State some of the measures would you propose in order to avoid the recurrence of the Asia-type crisis.

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Firstly, there will be multinational safety net in order to preserve the financial system of the world from such Asia-type crisis. Secondly, the international institutions such as World Bank and IMF are supposed to monitor the countries in the problematic situations more closely and offer timely guidance to such countries. These countries are needed to completely reveal the financial and the economic information in order that such devaluation surprises may be avoided. Thirdly, countries must depend more over the domestic savings and  on the long-term foreign investments, instead of the short-term portfolio capital. 

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