num_pages: 264
description: The Asian crisis of 1997 demonstrated how interconnected the global economy has become, and this work is an attempt, by an international group of contributors, to understand the financial crisis by taking into account the dynamics of private capital flows. The authors answer some of the most important questions relating to the financial crisis, and seek to find solutions to prevent such crises occurring again, including: what caused the crisis in Asian countries?; why did most analysts fail to anticipate the crisis?; why were the effects so severe?; what is the key to recovery in Asia and other crisis countries?; what can be done to prevent such a crisis from occurring again?; and how can the international system deal with such circumstances more successfully?Contents: Introduction / Uri Dadush, Dipak Dasgupta, Marc Uzan --The Asian Crisis in Perspective --Excess competition, moral hazard and industrial trauma in Korea, 1997-8 / Hak K. Pyo --The Asian financial crisis in perspective / Roberto Chang, Andres Velasco --The East Asian financial crisis: regional and global responses / Ross Garnaut, Dominic Wilson --Latin America confronting the Asian crisis / Gerardo Esquivel, Felipe Larrain B. --Debt Restructuring and Orderly Work-Outs --Exorcizing Asian debt: lessons from Latin American roll-overs, work-outs and write-downs / Vinod K. Aggarwal --At the insolvency masquerade, what mask for the IMF: international bankruptcy court, mediator or insolvency law reformer? / Paul D. Leake, Adam C. Rogoff, Gordon W. Johnson --Sovereign rescues: using commercial debt resolution mechanisms to reduce global public funding / Richard A. Gitlin --Moral Hazard and Systemic Risk --Systemic risk, moral hazard and the international lender of last resort / Frederic S. Mishkin --Dealing with systemic risk / Michel Aglietta --Creditor panic, asset bubbles and sharks: three views of the Asian crisis / Marcus Miller, Lei Zhang.
language: English
title: Private Capital Flows in the Age of Globalization: The Aftermath of the Asian Crisis
titlecomplete: Private Capital Flows in the Age of Globalization: The Aftermath of the Asian Crisis
ratings_count: 2
publisher: Edward Elgar Publishing