Mini-Series: Lessons from the Asian Financial Crisisbr br In this episode of #WooSays Professor Emeritus Datuk Woo Wing Thye and Melisa Idris kick off a new mini-series on the Asian Financial Crisis (1997-98). Part 1 looks at The Big Picture: why did it happen, and what were the consequences? Professor Woo unpacks the competing explanations — from claims of “crony capitalism” to the overlooked role of financial markets, panics, and “irrational exuberance”. This is the first of a series revisiting the crisis that reshaped Asia’s economies, and the lessons it still holds for the region today.