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Asia proved to be remarkably resilient in the face of the global financial crisis, but why wasits output performance stronger than that of other regions? The paper shows that better initialconditionsâ??in the form of lower external and financial vulnerabilitiesâ??contributedsignificantly to Asiaâ??s resilience. Key pre-crisis factors included moderate credit expansion, reliance on deposit funding, enhanced bank asset quality, reduced external financing, andimproved current accounts. These improvements reflected the lessons from the Asianfinancial crisis in the late 1990s, which helped reshape b