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Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policymakers who confront the “mixed blessing” of capital inflows and the international institutions that manage the recurrent crises.
The authors--leading economists and political scientists--examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies. CONTRIBUTORS Gail Buyske, Independent Consultant, New York City Pablo Cabezas, New York University Barry Eichengreen, University of California, Berkeley Albert Fishlow, Council on Foreign Relations Miles Kahler, University of California, San Diego Rachel McCulloch, Brandeis University Sylvia Maxfield, Yale University Peter A. Petri, Brandeis University Carmen M. Reinhart, University of Maryland, College Park Vincent Raymond Reinhart, Board of Governors of the Federal Reserve System, Washington, D.C. Jeffrey D. Sachs, Harvard University Dorothy M. Sobol, Federal Reserve Bank of New York Andres Velasco, New York University Reviews"[A] first-rate study, providing excellent coverage of the major issues...[T]hese texts not only provide an excellent introduction to the main issues but are an enriching and timely addition to the continuing debates."--International Affairs"[T]he book offers a wealth of theory and facts that will be important for anyone interested in understanding cross-border capital flows."--Subir Lall, Finance & Development. December,1999. "This edited volume provides valuable insights into...[and] a comprensive understanding of issues around capital flows and financial crises, including some policy analyses and recommendations that can be beneficial not only to students of international recommendations that can be beneficial not only to students of international finance but also to concerned observers and policymakers."--Supanai Sookmark, Milennium: Journal of International Studies. 1999. "This volume is an invaluable addition to the extensive literature on the subject and is a must for all who are interested in understanding Islamic politics."--Philip G. Cerny, Political Studies, March, 2000. Subject Areas
Political Science / Economic & Monetary Policy
Political Science / Latin America & Caribbean Political Science / Asia Asian Studies |
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