Contributing authors: Ariel Buira, Barry Eichengreen, Stephany Griffith-Jones, Peter B. Kenen, Godert Posthumus, Charles Siegman, Coen Voormeulen, William (Bill) White, Charles Wyplosz
Editor: Jan Joost Teunissen
Private capital flows are playing a growing and crucial role in industrial as well as developing countries. They may promote economic development or suddenly disrupt economic order and create serious crises.
Mexico's currency crisis of December 1994 is a recent example. Discussing both the origins of and the remedies for Mexico-style crises, this book provides profound insights into a problem which is of concern to policymakers and the public at large in many countries of the world.
The book reports on in-depth discussion of both short-term and long-term proposals discussed by a group of highly experienced researchers and central bankers.It includes papers by Ariel Buira, Peter Kenen, Stephany Griffith-Jones, and a joint paper by Barry Eichengreen and Charles Wyplosz.
Buira reviews the main hypotheses that have been advanced to explain the Mexican crisis. Kenen addresses the more general issue of how the disruption to national economies that results from fluctuations in cross-border flows can be minimised. Griffith-Jones considers the new features of recent and possible future currency crises. Wyplosz and Eichengreen draw out some lessons from exchange rate crises that have occurred over the last thirty years in a large number of industrial countries.
Preface by Godert A. Posthumus
Introduction by Jan Joost Teunissen
I The Mexican Crisis of 1994: An Assessment, Ariel Buira
II How Can Future Currency Crises à la Mexico Be Prevented?, Peter B. Kenen
III How Can Future Currency Crises Be Prevented or Better Managed? Stephany Griffith-Jones
IV What Do Currency Crises Tell Us About the Future of the International Monetary System?, Barry Eichengreen and Charles Wyplosz
Appendix: List of Participants
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