The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur. This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can no longer adequately cope with today's world of high capital mobility. It provides a critical assessment of competing proposals to better predict, forestall, and resolve international financial crises and outlines a practical and pragmatic agenda for reform. The recommendations are based on the belief that financial markets can malfunction, creating a compelling case for a financial safety net (and therefore a role for the IMF), but also creating problems of moral hazard that must be addressed.
Skillful and comprehensive ... (the book) offers an especially lucid account of the Asian financial crisis.
Richard N. Cooper, Foreign Affairs
The details of the straightforward approach (to reforming the international financial architecture) are laid out with admirable clarity ...
Clive Crook, National Journal
It offers a concise analysis of the main problems ailing today's international financial system and a host of modest, but useful, suggestions for reform.
This book is excellent, thorough, sensible, well-written, with a point of view ... (It) will become a standard reference in the subject.
John Lipsky, Chief Economist and Managing Director, Chase Manhattan Bank
... a very useful book which provides a readable, balanced assessment of the recent Asian financial crisis ... (the recommendations) appear to be influencing key poicymakers in governments and international financial institutions.
David C. Cole, Asian-Pacific Economic Literature