Is Another Emerging Markets Crisis in Motion?

"We mentioned earlier, focusing on a comment made in Brad Setser's post "Where is My Swap Line?" that emerging economies had not internalized the lessons of the 1997 Asian crisis as much as was widely believed. Their central banks if anything overreacted, keeping their currencies cheap against the dollar and amassing large foreign currency reserves so that they would not be in the position of needing to defend a high-flying currency and lacking the firepower."