In the last decade, there are several financial crises in the economic area. The Asian Crisis, as one of the major international financial crises of them, is well-known all over the world. It first occurred in the Thailand in July 1997 and spread from Thailand to other countries in the region rapidly during the second half of the 1997. It plunged the countries affected into recessions that brought increasing unemployment, poverty, and social chaos. As the crisis came suddenly, it went rapidly. By 1999 the GDP of the attacked countries had resumed plus increase, except the roily Indonesia. But whether the increase would persist and whether the crisis like the Asian crisis would break out again? In this article, it will be explained the main contributory factors in a modern day currency crisis. Firstly, the instability of the international financial market and the weaknesses of the financial system are the outside main reasons. Moreover, there are also inside factors. Through the analyses of the causes of a crisis, we can learn what the international financial system should reform to prevent financial crises and cope more effectively with such crises in the future.............

Introduction
The Asian Crisis
The Main Contributory Factors
Reforms of International Financial Institutions
Summary
References

Charles Tanzer, 1999, The Asian Crisis and the Search for a New Global Financial Architecture.
(http://www.globalpolicy.org/socecon/global/asiacr00.htm)

Timothy D. Lane and others, 1999, IMF-Supported Programs in Indonesia, Korea, and Thailand: A Preliminary Assessment, IMF Occasional Paper 178

Washington, D. C. 1999. The IMF's Response to the Asian Crisis
(http://www.imf.org/external/np/exr/facts/asia.htm)

World Bank Poverty Update, “Trends in Poverty,”
(http://www.globalpolicy.org/socecon/global/asiacr00.htm)

http://www.iie.com/fischer/pdf/fischer052102.pdf