This paper presents an analytical overview of recent contributions to the literature on the policy implications of capital flows in emerging and developing countries, focusing specifically on capital inflows as well as on the links between inflows and subsequent capital-flow reversals. The...

1. Introduction : varieties of financial crises -- 2. Chile 1982 : twin crises in the Southern Cone -- 3. ERM 1992 : bumps on the road to monetary unification -- 4. Mexico 1994 : travails of a star pupil -- 5. Asia 1997 : the miracle undermined -- 6. Russia 1998 : pitfalls of transition -- 7....