http://www.theatlantic.com/issues/2002/10/stiglitz.htm
(.....)
The countries that fared the best were precisely those that didn't heed the
so-called Washington Consensus. Malaysia, which not only had no IMF program but
also, despite sharp criticism from Treasury, had imposed controls on the outflow
of capital, experienced the shortest and shallowest downturn. China avoided a
downturn altogether by pursuing expansionary monetary and fiscal policies—the
exact opposite of what Treasury and the IMF were recommending for other countries
in the region. Meanwhile, Thailand, the country that followed U.S. advice most
closely, did not return to the pre-crisis level of GDP for more than four years.