Contents
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Summary
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Preface
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Introduction
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| Chapter 1 Causes and Characteristics of the Asian Currency Crises |
| 1. Developments and Causes of the Asian Currency Crises |
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(1) Events Leading to the Thai Currency Crisis |
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(2) Crises Spill Over to Neighboring Countries |
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(3) Crisis Hits South Korea |
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(4) Developments in Indonesia |
| 2. Features of the Recent Currency Crises |
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(1) Rigidity of the Foreign Exchange Regime |
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(2) Rapid Outflows of Short-Term Capital |
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(3) Private-Sector Debt as a Central Problem |
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(4) Weaknesses in the Private Financial Sector |
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(5) Contents of the Adjustment Programs and Providing a Social Safety Net
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| Chapter 2 New Challenges Posed by the Asian Currency Crises |
| 1. Why the Currency Crises Were Not Predicted and Prevented |
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(1) Information on Current Conditions |
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(2) Disclosure of Information |
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(3) Surveillance |
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(4) Restrictions on Short-Term Capital Movements |
| 2. Issues in Currency Crisis Management |
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(1) IMF Programs |
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(2) Financial Support Schemes |
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(3) Private-Sector Burden Sharing |
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(4) Assistance to the Export Sector Holds the Key to Recovery |
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(5) Social Safety Net |
| 3. What Should Be Done in the Future |
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(1) Foreign Exchange Systems |
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(2) Reforming the Financial Sector |
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(3) Re-Evaluating Foreign Direct Investments |
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(4) Institutional Reform |
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(5) Achieving Higher Levels of Industrial Structure |
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(6) Improvement of Social Infrastructure (Including private infrastructure development) |
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(7) Coping with Environmental Issues
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| Chapter 3 Recommendations Based on the Lessons Learned from the Asian Currency Crises |
| 1. Recommendations to Emerging Market Economies |
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(1) Coping with Short-Term Capital Movements |
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(2) Foreign Exchange Regimes |
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(3) Addressing the Financial Sector and Other Structural Issues |
| 2. Recommendations to International Financial Institutions (IFIs) |
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(1) Recommendations to the IMF |
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[1] Prediction and Prevention |
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[2] Crisis Management |
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[3] Addressing Institutional Issues |
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(2) Recommendations to the World Bank, the ADB and Other MDBs |
| 3. Recommendations on Regional Cooperation |
| 4. Recommendations to Advanced Countries and Creditors |
| 5. Recommendations to Japan |
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(1) Steady Expansion of the Japanese Economy and the Stabilization of Its Financial System |
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(2) Contributing to International and Regional Assistance |
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(3) Improving the Environment for the More Extensive Use of the Yen
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| Box: Impact of the Asian Currency Crises |
| 1. Impact on the World Economy |
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(1) Impact on the Japanese Economy |
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(2) Impact on Other Regions (Europe, North America, South America) |
| 2. Impact on Asia |
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(1) Impact on the Real Economies of the Asian Countries |
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(2) Developments in Hong Kong, China, and Taiwan |
| Box: The Manila Framework |
| Box: Capital Transaction Restrictions in Chile |
Box: Argentina's Stand-By Agreements
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Appendices
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