Following the 1997 Asian crisis, macroeconomic policy designs entered a new juncture. Often termed “the post- Washington Consensus” (Rodrik, 2006), the new understanding had been based on factors such as institutional governance, social capital, governance, and importance of credibility in fiscal and monetary policy. In a nutshell, the rhetoric of “get the prices right” was replaced by the new motto “get the institutions right”. This new policy twist led to a broad consensus of great moderation with inflation targeting central banking, fiscal discipline, fully flexible and freely floating exchange rates, open capital accounts, and, along with privatization and increased scope for reduced regulation of the labor market.