The Asian Financial Crisis 1995–98

Birth of the Age of Debt

By Russell Napier

Published: 20/07/2021
Pages: 388

The audiobook is available from Audible, Amazon and Apple

In the space of a few months, across Asia, a miracle became a nightmare. This was the Asian Financial Crisis of 1995–98.

In this economic crisis hundreds of people died in rioting, political strong men were removed and hundreds of billions of dollars were lost by investors.

This crisis saw the US dollar value of some Asian stock markets decline by ninety percent. Why did almost no one see it coming?

The Asian Financial Crisis 1995–98 charts Russell Napier’s personal journey during that crisis as he wrote daily for institutional investors about an increasingly uncertain future. Relying on contemporaneous commentary, it charts the mistakes and successes of investors in the battle for investment survival in Asia from 1995–98.

This is not just a guide for investors navigating financial markets, but also an explanation of how this crisis created the foundations of an age of debt that has changed the modern world.

About the author

Russell Napier

Professor Russell Napier has been an adviser on asset allocation to global investment institutions for over 25 years. He is author of Anatomy of The Bear: Lessons From Wall Street’s Four Great Bottoms and Keeper of the Library of Mistakes, a business and financial history library based in Edinburgh. He has founded and runs a course called A Practical History of Financial Markets and also an online marketplace (ERIC) for the sale of high-quality investment research to institutions. Russell is Chairman of the Mid Wynd International Investment Trust.


A detailed retrospective on the development and evolution of the Asia Crisis drawn from the contemporaneous notes of a keen observer of economic and financial history… interesting food for thought for investors and policymakers alike.

Terrence Checki, Former Executive Vice President and head of Emerging Markets and International Affairs, Federal Reserve Bank of New York

Russell Napier’s book offers an authoritative and highly erudite account of one of the most consequential events that reshaped the modern world. As a market participant and a keen observer, Russell offers a seat at the table for anyone who wishes to understand the challenges facing today’s policymakers and how the Asia Pacific crisis birthed the age of debt. It is an indispensable guide.

Viktor Shvets, Global Strategist and Author of The Great Rupture: Three Empires, Four Turning Points and the Future of Humanity

A combination of applied and highly practical economics that through reality bridges the gap between policy theory and actual implications and results, but more it is also a travelogue and a diary.

Richard Chenevix-Trench, Former CIO of Sloane Robinson


Media enquiries

If you’d like to get in touch with the author for interview or comment, or you’d like a review copy of this book, please contact us at or call +44 (0)1730 233870.

Bulk purchases

We offer discounts for bulk purchases. Please contact for a quote.


For information on available rights, please contact


Stay up to date on the latest releases and get special offers from us.


Stay up to date on the latest releases and get special offers from us.