Better prepared. Is it 1997 all over again for South East Asia?
What about Indonesia? It has seen its currency fall by 18% since May. Its current account deficit has widened to more than 4% of GDP.
It is certainly the most vulnerable economy in South East Asia, after recent inflows of "hot money", which is now being pulled out, just as in 1997.
There has been a lot of talk in Indonesia about a recent report by the Singapore-based bank DBS, and its eye-catching statement that South East Asia is "absolutely headed back to 1997 again".
May 1998: Protesters in front of a burning bank in Jakarta demand Suharto resign
But read a little further, and what the report actually says is that, yes, that is where current trends are taking the region, but this won't happen for five years, and won't happen at all if policy-makers can prevent it.
It's worth remembering too that before 1997 Indonesia had been running current account deficits of 6% or more for many months, and that it was ruled by a nepotistic dictator, Suharto, whose stubbornness crippled decision-making.
Unlike then, the response this time by the Bank of Indonesia has been swift and realistic.
Stocks to sandwiches
There was perhaps no figure more emblematic of the 1997 crisis in Thailand than Sirivat Voravetvuthikun, a millionaire who saw his fortune evaporate as the stock market and property prices collapsed.
He responded to bankruptcy by going out onto the streets of Bangkok to sell home-made sandwiches.
Mr Voravetvuthikun was among the many who lost their fortunes during the 1997 crisis
And over the years he has carefully built up a modest but successful business in snacks, drinks and cafes. Today he employs 30 people, and has an annual turnover of 20-30m baht.
His experience in 1997 has made him innately cautious.
He frets about the recent drop in exports, and about expanding consumer credit, and fears another 1997 crisis is inevitable.
But it is those searing memories of a financial meltdown which have ensured that Thailand's corporate sector, at least, is well-prepared this time to weather the shift in market sentiment away from emerging markets.
It is certainly the most vulnerable economy in South East Asia, after recent inflows of "hot money", which is now being pulled out, just as in 1997.
There has been a lot of talk in Indonesia about a recent report by the Singapore-based bank DBS, and its eye-catching statement that South East Asia is "absolutely headed back to 1997 again".
May 1998: Protesters in front of a burning bank in Jakarta demand Suharto resign
But read a little further, and what the report actually says is that, yes, that is where current trends are taking the region, but this won't happen for five years, and won't happen at all if policy-makers can prevent it.
It's worth remembering too that before 1997 Indonesia had been running current account deficits of 6% or more for many months, and that it was ruled by a nepotistic dictator, Suharto, whose stubbornness crippled decision-making.
Unlike then, the response this time by the Bank of Indonesia has been swift and realistic.
Stocks to sandwiches
There was perhaps no figure more emblematic of the 1997 crisis in Thailand than Sirivat Voravetvuthikun, a millionaire who saw his fortune evaporate as the stock market and property prices collapsed.
He responded to bankruptcy by going out onto the streets of Bangkok to sell home-made sandwiches.
Mr Voravetvuthikun was among the many who lost their fortunes during the 1997 crisis
And over the years he has carefully built up a modest but successful business in snacks, drinks and cafes. Today he employs 30 people, and has an annual turnover of 20-30m baht.
His experience in 1997 has made him innately cautious.
He frets about the recent drop in exports, and about expanding consumer credit, and fears another 1997 crisis is inevitable.
But it is those searing memories of a financial meltdown which have ensured that Thailand's corporate sector, at least, is well-prepared this time to weather the shift in market sentiment away from emerging markets.
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