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Daniel Cohen, William Deringer, and Vasuki Shastry

coincides with a gathering of the world’s financial elite at the IMF–World Bank Annual Meetings in Bali later this year. It will serve as a useful reminder of how far Indonesia has traveled from the dark depths of the crisis to a stable, democratic, and decentralized country with a vibrant economy. The book’s broad sweep of Indonesia’s spectacular crash and subsequent rise is really an account of three crises—financial, agricultural, and political—that serendipitously occurred at about the same time and interacted in complex ways. A journalist by training, Shastry uses

A. Premchand

from Brewer (1989) , p. 18. 2 For a discussion of some of these questions, see World Bank (1994c) . 3 There are two opposing versions about the origins of the universe. One view, which was derisively dubbed “big bang” by its opponents, holds that the universe began in a fiery cataclysm about 10 billion years ago and might end in an equally spectacular crash billions of years in the future—a religious belief of Hindus and Buddhists. The other view was that the universe had neither a beginning nor an end and that it was infinite and was forever the same

Mr. Dani Rodrik and Mr. Arvind Subramanian

currency crisis and spectacular crash of 2001–02. The lesson from the Argentine crisis? No matter how much you do, there is still more left to do—and then there is always bad luck. This bottom line lays bare the fatal flaw of those arguments that stress the importance of undertaking complementary reforms in support of financial globalization: in practice, the list turns out to be an open list, typically ending with “so on.” It does not leave much room for optimism with regard to the likelihood that countries will be able to complete their (as yet not fully specified

International Monetary Fund. Research Dept.
This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization. Contributors include Kenneth Rogoff, Maurice Obstfeld, Dani Rodrik, and Frederic S. Mishkin.