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Financial Crisis, Contagion, and Containment : From Asia to Argentina - Padma Desai

Financial Crisis, Contagion, and Containment

From Asia to Argentina

Hardcover

Published: 21st April 2003
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This book provides a sweeping, up-to-date, and boldly critical account of the financial crises that rocked East Asia and other parts of the world beginning with the collapse of the Thai baht in 1997. Retracing the story of Asia's "Crisis Five"--Indonesia, Malaysia, South Korea, the Philippines, and Thailand--Padma Desai argues that the region's imprudently fast-paced opening to the free flow of capital was pushed by determined advocates, official and private, in the global economy's U.S.-led developed center. Turmoil ensued in these peripheral economies, the Russian ruble faltered, and Brazil was eventually hit. The inequitable center-periphery relationship also extended to the policy measures that the crisis-swept economies implemented under International Monetary Fund bailouts, which intensified the downturns induced by the panic-driven outflows of short-term capital.

"Financial Crisis, Contagion, and Containment" examines crisis origin and resolution in a comparative perspective by combing empirical evidence from the most robust economies to the least. Why is the U.S. relatively successful at weathering economic ups and downs? Why is Japan stuck in policy paralysis? Why is the European Central Bank unable to achieve both inflation control and stable growth? How can emerging markets avoid turbulence amid free-flowing speculative capital from private lenders of the developed center? Engaging and nontechnical yet deeply insightful, this book appears at a time when the continuing turmoil in Argentina has revived policy debates for avoiding and addressing financial crises in emerging market economies.

"Financial Crisis, Contagion, and Containment is though-provoking for economic and financial practitioners who want to better understand financial crises and the IMF's attendant policy responses. Although originally written in 2003, the book remains relevant today."--MKB, Financial Analysts Journal

Prefacep. ix
Introductionp. 1
The U.S. Economy in Transitionp. 13
The Euro: Teething Troubles and Faltering Responsesp. 46
Japan: The Lost Decade of the Nineties amidst Policy Paralysisp. 70
The Asian Financial Crisisp. 86
Blocks
What Are Fundamentals? What Are Structural Issues?p. 99
The Current Account and the Exchange Ratep. 107
Financial Liberalization, Capital Account Decontrol, and the Regulatory Frameworkp. 110
The East Asian Crisis: A Crisis of Over-Investment or Unregulated, Premature Capital Flows?p. 117
The Asian Crisis Chronologyp. 119
The Ruble Collapses in August 1998p. 136
Block
The Ruble: Premature Capital Account Convertibilityp. 156
Contagion from the Ruble to the Realp. 162
Beyond Bangkok: Crisis Erupts in Buenos Aires and in the Bosphorusp. 172
The Contagionp. 197
International Monetary Fund to the Rescue: How Did It Fare? Badlyp. 212
Blocks
Was There Moral Hazard in the Asian Financial Crisis?p. 242
How Much Corruption? Does Corruption Matter?p. 247
Chilean Capital Inflow Taxp. 253
Capital Account Convertibility in China and India: A Cautionary Tale of Two Countriesp. 256
Crisis Prevention and Containment: The Next Steps in Financial Reformp. 263
Referencesp. 285
Indexp. 293
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780691113920
ISBN-10: 0691113920
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 320
Published: 21st April 2003
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.2  x 1.91
Weight (kg): 0.6