This paper compares the causes and effects of the Asian Financial Crisis of 1997-99 and the Global Financial Crisis of 2007-09. It shows that both crises were fueled by rapid credit growth, asset price bubbles, and banking crises. Weak institutions, speculative attacks, and political corruption played a role, but were not the main causes. The study suggests that these patterns are common in financial crises and highlights the importance of regulating credit and liquidity to prevent future crises.