ABSTRACT
Leo Tolstoy’s celebrated novel, Anna Karenina, opens with the genial statement: “Happy families are all alike; every unhappy family is unhappy in its own way”. Indeed, before the onset of the financial crisis in 1997, the MIT (MalaysiaIndonesia-Thailand) countries were very happy, and looked much alike in many ways, such as high growth rate, low inflation rate, low unemployment and the like; but with the crisis, these countries showed substantial differences in many ways from one another, and each became unhappy in its own way.
