Capital flows to the developing economies have long displayed a
boom-and-bust pattern. Rarely has the cycle turned as abruptly as
it did in the 1990s, however: surges in lending were followed by
the Mexican peso crisis of 1994-95 and the sudden collapse of
currencies in Asia in 1997. This volume maps a new and uncertain
financial landscape, one in which volatile private capital flows
and fragile banking systems produce sudden reversals of fortune for
governments and economies. This environment creates dilemmas for
both national policymakers who confront the "mixed blessing" of
capital inflows and the international institutions that manage the
recurrent crises.
The authors -- leading economists and political scientists --
examine private capital flows and their consequences in Latin
America, Pacific Asia. and East Europe, placing current cycles of
lending in historical perspective. National governments have used a
variety of strategies to deal with capital-account instability. The
authors evaluate those responses. prescribe new alternatives, and
consider whether the new circumstances require novel International
policies.
Miles Kahler holds the Rohr Chair in Pacific International
Relations at the University of California, San Diego. The author of
several books. be edited The Politics of International Debt, also
from Cornell.
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