Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations,...

The 1990s witnessed several acute currency crises among developing nations that invariably spread to other nearby at-risk countries. These episodes-in Mexico, Thailand, South Korea, Russia, and Brazil-were all exacerbated by speculative foreign investments and high-volume movements of capital in...