Note that the Asian flu victims all had fairly large economies with apparently competent governments.
They also had high growth rates prior to the crisis.
They tried a mixture of different things to combat the situation.
All these nations raised domestic rates, the Thais panicked and blew their reserves defending the Baht.
The Malaysians imposed capital controls.
So far, the RBI has tried tightening money supply and it has also sold some US dollars to defend the rupee.
It could try other policy measures in the months to come.
Image: Raghuram Rajan, the new RBI governor.