The shock imposed on Argentina by Mexico's financial crisis had four distinct phases (Banco Central, Republic of Argentina, 1995). The first phase lasted from 20 December 1994 through February 1995. External drains form the currency board-like system occurred, with the central bank's liquid...

The dramatic events in Asia and Russia, and the contagion they have spread, have generated a torrent of commentary about exchange rates, hot money, and exchange controls. As someone who was deeply involved in Indonesia and who predicted that the ruble would collapse by midyear, I offer my views...

In this paper I argue that the best strategy for many developing countries is to abolish their own currencies and make all foreign currencies legal tender. But he warns against signing treaties with the US

A sound currency is a necessary, but not sufficient, condition for the establishment of a stable government and the promotion of economic prosperity. This theme has been sounded over and over again by virtually all great economists in positions of influence. To take but one example, consider...