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International Monetary Fund. Monetary and Capital Markets Department

Abstract

The following remarks by the Acting Chair were made at the conclusion of the Executive Board's discussion of the Global Financial Stability Report on March 14, 2003.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

The following remarks by the Acting Chair were made at the conclusion of the Executive Board’s discussion of the Global Financial Stability Report on March 30, 2009.

Ms. Catherine A Pattillo, Mr. Andrew Berg, Mr. Gian M Milesi-Ferretti, and Mr. Eduardo Borensztein

Abstract

Recent years have witnessed an increase in the frequency of currency and balance of payments crises in developing countries. More important, the crises have become more virulent, have caused widespread disruption to other developing countries, and have even had repercussions on advanced economies. To predict crises, their causes must be clearly understood. Two competing strands of theories are reviewed in this paper. The first focuses on the consequences of such policies as excessive credit growth in provoking depletion of foreign exchange reserves and making a devaluation enevitable. The second emphasizes the trade-offs between internal and external balance that the policymaker faces in defending a peg.

John Lipshy

Recent events in Asia have posed a particular challenge for international capital markets. How can net private capital flows best be restored?

Abstract

This book, edited by Paul Streeten, examines the ends and means of adjustment, aspects of trade policy, and lessons from the experience of South and East Asia, as well as comparing the debt situations of Asian and Latin American countries.