The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy...

Peter Garber traces the crisis to three failed public sector projects launched in the late 1990s. These were a scheme to redistribute wealth by lending to uncreditworthy borrowers for real estate purchases in the US; China's export-driven growth strategy; and the launch of the euro in 1999. The...