Financial crises cast a long shadow on investment. For nine major Asian economies, average investment as a share of GDP declined sharply during 1998-2012 from its average in the decade before the Asian crisis (if China and India are excluded, the estimated decline exceeds 9%). This column suggests that there is a connection between the sustained reserve accumulation and the significantly lower levels of investment in the region.
Reinhart, Carmen and Takeshi Tashiro. "Investment In The Wake of Crises: Asia 15 Years Later." Vox, December 17, 2013.