The crisis that gripped the global financial markets in the summer of 1997 saw a few Asian countries, including South Korea, take centre stage. It led, one year later, to the default of Russia and the spectacular collapse of John Meriwether’s Long-Term Capital Management, which was one of the biggest financial dramas of the 1990s.

Trembles in Asia have returned with a vengeance, and reverberate around the world. As a disordered bankruptcy of Hanjin Shipping becomes increasingly likely, we are reminded how ...

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