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Lessons from the Asian Currency Crises(Contents)





Chapter 1 Causes and Characteristics of the Asian Currency Crises
1. Developments and Causes of the Asian Currency Crises
(1) Events Leading to the Thai Currency Crisis
(2) Crises Spill Over to Neighboring Countries
(3) Crisis Hits South Korea
(4) Developments in Indonesia
2. Features of the Recent Currency Crises
(1) Rigidity of the Foreign Exchange Regime
(2) Rapid Outflows of Short-Term Capital
(3) Private-Sector Debt as a Central Problem
(4) Weaknesses in the Private Financial Sector
(5) Contents of the Adjustment Programs and Providing a Social Safety Net

Chapter 2 New Challenges Posed by the Asian Currency Crises
1. Why the Currency Crises Were Not Predicted and Prevented
(1) Information on Current Conditions
(2) Disclosure of Information
(3) Surveillance
(4) Restrictions on Short-Term Capital Movements
2. Issues in Currency Crisis Management
(1) IMF Programs
(2) Financial Support Schemes
(3) Private-Sector Burden Sharing
(4) Assistance to the Export Sector Holds the Key to Recovery
(5) Social Safety Net
3. What Should Be Done in the Future
(1) Foreign Exchange Systems
(2) Reforming the Financial Sector
(3) Re-Evaluating Foreign Direct Investments
(4) Institutional Reform
(5) Achieving Higher Levels of Industrial Structure
(6) Improvement of Social Infrastructure (Including private infrastructure development)
(7) Coping with Environmental Issues

Chapter 3 Recommendations Based on the Lessons Learned from the Asian Currency Crises
1. Recommendations to Emerging Market Economies
(1) Coping with Short-Term Capital Movements
(2) Foreign Exchange Regimes
(3) Addressing the Financial Sector and Other Structural Issues
2. Recommendations to International Financial Institutions (IFIs)
(1) Recommendations to the IMF
[1] Prediction and Prevention
[2] Crisis Management
[3] Addressing Institutional Issues
(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
(1) Steady Expansion of the Japanese Economy and the Stabilization of Its Financial System
(2) Contributing to International and Regional Assistance
(3) Improving the Environment for the More Extensive Use of the Yen

Box: Impact of the Asian Currency Crises
1. Impact on the World Economy
(1) Impact on the Japanese Economy
(2) Impact on Other Regions (Europe, North America, South America)
2. Impact on Asia
(1) Impact on the Real Economies of the Asian Countries
(2) Developments in Hong Kong, China, and Taiwan
Box: The Manila Framework
Box: Capital Transaction Restrictions in Chile
Box: Argentina's Stand-By Agreements