It would have been partially responsible, but not ultimately.
I don't do economics, but i've done many economic related subjects like govt and political economy. Ultimatelly the reason the crisis occured is that before all those investors saw all this potential in the asian markets. So they all started investing (especially in real estate). Then the bubble burst. All of a sudden the biggest investors started taking out their money from the country. The other investors followed suit. The foreign reserves were spent and the currencies devalued.
Australia had nothing to do with this.
I don't do economics, but i've done many economic related subjects like govt and political economy. Ultimatelly the reason the crisis occured is that before all those investors saw all this potential in the asian markets. So they all started investing (especially in real estate). Then the bubble burst. All of a sudden the biggest investors started taking out their money from the country. The other investors followed suit. The foreign reserves were spent and the currencies devalued.
Australia had nothing to do with this.