This paper reviews briefly the arguments for capital market liberalization, and identifies their
theoretical and empirical weaknesses. This provides the foundations for the argument for …

High and persistent inflation has been one of the distinguishing macroeconomic
characteristics of many develo** countries since the end of World War II. Countries …

In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has
come to the forefront of academic and policy discussions. This paper analyzes the links …

Financial contagion is modeled as an equilibrium phenomenon. Because liquidity
preference shocks are imperfectly correlated across regions, banks hold interregional claims …

This paper examines the empirical evidence on currency crises and proposes a specific
early warning system. This system involves monitoring the evolution of several indicators …

The recent wave of financial globalization since the mid-1980s has been marked by a surge
in capital flows among industrial countries and, more notably, between industrial and …

This paper is concerned with the fact that the incidence of speculative attacks tends to be
temporally correlated; that is, currency crises appear to pass contagiously from one country …

The discomfort a government suffers from speculation against its currency determines the
strategic incentives of speculators and the scope for multiple currency-market equilibria …

The paper explores the view that the Asian currency and financial crises in 1997 and 1998
reflected structural and policy distortions in the countries of the region, even if market …

This paper offers a" panoramic" analysis of the history of financial crises dating from
England's fourteenth-century default to the current United States sub-prime financial crisis …