conomies and the utility of an intraregional hedge Рagainst future volatility. After 2008, many Asian countries have emphasized domestic, intraregional, and emerging Рmarket demand. But it was the crisis of 1997–98 that left a particularly searing legacy on many Asian countries. РThe US was perceived to be disconnected and aloof. Washington refused to bail out Thailand in 1997, just three Рyears after bailing out Mexico. Many in Asia began looking to intraregional solutions. Asia-only currency swaps, РAsia-only trade and investment pacts, regional bond funds, and other ideas emerged and evolved during this period. РMany of these excluded the US. (Evan A. Feigenbaum, 'The US must adapt to Asia’s new order' Foreign Affairs, (2 РFebruary 2015). Cited from East Asia Forum News Bulletin. ) Р 10
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