The Asian financial crisis of 1997-98 shook the foundations of the global economy. What began as a localized currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies, long considered "miracles," respond? How did the United States, Japan and other G-7 countries react to the crisis? What role did the IMF play? Why did China remain conspicuously insulated from the turmoil raging in its midst? What lessons can be learnt from the crisis by other emerging economies? This book provides answers to all the above questions and more. It gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it. The book will be vital to students of economics, international political economy, Asian and development studies.

This is a critique of the attempts of the G7 industrialized countries to rewrite the rules of international finance. It includes case studies on capital controls from Chile and Malaysia and is aimed at scholars and students of international political economy and development and reform activists.

An examination of the political and economic causes and consequences of the Asian financial crises.

Persistent episodes of global financial crises have placed the existing system of international monetary and financial governance under stress. The resulting economic turmoil provides a focal point for rethinking the norms and institutions of global financial architecture and the policy options of public and private authorities at national, regional and transnational levels. This volume moves beyond analysis of the causes and consequences of recent financial crises and concentrates on issues of policy. Written by distinguished scholars, it focuses on the tension between global market structures and national policy imperatives. Accessible to both specialists and general readers, the analysis is coherent across a broad range of theoretical and empirical cases. Offering a series of reasoned policy responses to financial integration and crises, the volume grapples directly with the institutional and often-neglected normative dimensions of international financial architecture. The volume thus constitutes required reading for scholars and policy-makers.

Kenen (economics and international finance, Princeton University) reviews the reform efforts that followed the 1994-95 Mexican crisis, and evaluates their results in the time since then. He compares the existing efforts with the more radical recommendations of the Meltzer Report, and considers the implications of his analysis for the role of the IMF. He then offers his own recommendations for further reform. c. Book News Inc.

Praised for its authoritative coverage, Global Political Economy places the study of international political economy (IPE) in its broadest theoretical contextnow updated to cover the continuing global economic crisis and regional relationships and impacts. This text not only helps students understand the fundamentals of how the global economy works but also encourages them to use theory to more fully grasp the connections between key issue areas like trade and development. Written by a leading IPE scholar, this text equally emphasizes theory and practice to provide a framework for analyzing current events and long-term developments in the global economy. New to the Seventh Edition Focuses on the ongoing global economic crisis and the continuing European sovereign debt crisis, along with other regional economic issues, including their implications for relationships in the global economy. Offers fuller and updated discussions of critical perspectives like feminism and environmentalism, and includes new material differentiating among the terms neomercantilism, realism, mercantilism, and economic nationalism. Updated, author-written Test Bank is provided to professors as an e-Resource on the book’s Webpage.

The Group of Seven Industrialized Countries, G7 developed a new doctrine of international supervision and regulation of financial markets. The G7 instructed international financial institution such as the IMF, the Bank for International Settlements, the World Bank and the Multilateral Development Banks to tighten their supervision and regulation of international finance. This volume examines this doctrine sometimes known as the 'New Architecture of the International Financial System' or IFA. Strengthening of the international financial system never ends and there have been recurring vulnerabilities in international financial architecture. The book examines current practices and its consequences and how the IFA has evolved and its alternatives. The book draws upon academic knowledge, practitioner techniques in financial risk management and official doctrine to analyze how investors, creditors and debts function within the new architecture.

Looks at alternatives to international financial institutions such as the IMF and World Bank.

The contributors provide an overview of developments in the affected countries during the 1997 Asian financial crisis; lessons learned and corrective measures taken; lessons learned by regional and international actors; how domestic, regional, and international politics have affected the outcomes; the identification of potential future problems, and levels of preparedness.

This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the current global crisis of 2008-2009. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change.