By the end of the currency crises in East Asia and elsewhere in the late 1990s, emerging-market governments had learned some important lessons. Five reforms were particularly effective: more flexible exchange rates, larger foreign-currency holdings, less pro-cyclical fiscal policy, stronger current accounts, and less debt denominated in dollars or other foreign currencies.
到20世纪90年代东亚和其他国家货币危机结束，新兴市场国家政府已经记取了某些重要教训。其中的五项改革尤为有效：放开汇率、增持外汇、控制顺周期财政政策、巩固经常账户和减少以美元及其他外币计价的借债。