The East Asian crisis has sparked debate regarding the future of emerging markets and the globalization of world capital markets. This book, with contributions by leading economists and political scientists, provides an up-to-date assessment of the causes and consequences of the crisis and the policy lessons drawn from it. In contrast to much of the existing literature, the volume presents the view that the crisis and its aftermath were not simply the result of purely economic and financial phenomena but also the reflection of some fundamental institutional, historical and political forces. The collection begins with a comparative and historical analysis of the crisis, placing it in the context of other financial and debt crises. This is followed by a discussion of the domestic, political and economic factors behind the events, delineating the differences and similarities among affected countries. The contributors also examine how global political forces influenced the unfolding crisis in various countries. Using the latest data, top experts present the current economic situation in East Asia, the contagion effects in the rest of the world, and the role played by international institutions such as the IMF. Finally, the volume provides a roundtable debate on the policy alternatives confronting emerging markets and the world monetary system in the aftermath of the crisis. Students, professional economists in academia and the private sector, scholars and students in finance, Asian studies specialists, and political scientists will all find this collection insightful and informative.

At the landmark centennial anniversary of the 1917 Jones-Shafroth Act, which granted Puerto Ricans U.S. citizenship, the island confronts an unfolding humanitarian crisis initially triggered by an acute economic crisis surging since 2006. Analyzing large datasets such as the American Community Survey and the Puerto Rican Community Survey, this book represents the first comprehensive analysis of the socioeconomic and demographic consequences of "La Crisis Boricua" for Puerto Ricans on the island and mainland, including massive net outmigration from the island on a scale not seen for sixty years; a shrinking and rapidly aging population; a shut-down of high-tech industries; a significant loss in public and private sector jobs; a deteriorating infrastructure; higher sales taxes than any of the states; $74 billion in public debt plus another $49 billion in unfunded pension obligations; and defaults on payments to bondholders. This book also discusses how the socioeconomic and demographic outcomes differ among stateside Puerto Ricans, including recent migrants, in traditional settlement areas such as New York versus those in newer settlement areas such as Florida and Texas. Florida is now home to 1.1 million Puerto Ricans (essentially the same number as those living in New York) and received a full third of the migrants from the island to mainland during this time. Scholars interested in the transition of migrants into their receiving communities (regardless of the Puerto Rican case) will also find this book to be of interest, particularly with respect to the comparative analyses on earnings, the likelihood of being impoverished, and self-employment.

At the landmark centennial anniversary of the 1917 Jones-Shafroth Act, which granted Puerto Ricans U.S. citizenship, the island confronts an unfolding humanitarian crisis initially triggered by an acute economic crisis surging since 2006. Analyzing large datasets such as the American Community Survey and the Puerto Rican Community Survey, this book represents the first comprehensive analysis of the socioeconomic and demographic consequences of "La Crisis Boricua" for Puerto Ricans on the island and mainland, including massive net outmigration from the island on a scale not seen for sixty years; a shrinking and rapidly aging population; a shut-down of high-tech industries; a significant loss in public and private sector jobs; a deteriorating infrastructure; higher sales taxes than any of the states; $74 billion in public debt plus another $49 billion in unfunded pension obligations; and defaults on payments to bondholders. This book also discusses how the socioeconomic and demographic outcomes differ among stateside Puerto Ricans, including recent migrants, in traditional settlement areas such as New York versus those in newer settlement areas such as Florida and Texas. Florida is now home to 1.1 million Puerto Ricans (essentially the same number as those living in New York) and received a full third of the migrants from the island to mainland during this time. Scholars interested in the transition of migrants into their receiving communities (regardless of the Puerto Rican case) will also find this book to be of interest, particularly with respect to the comparative analyses on earnings, the likelihood of being impoverished, and self-employment.

Island Paradox is the first comprehensive, census-based portrait of social and economic life in Puerto Rico. During its nearly fiftyyears as a U.S. commonwealth, the relationship between Puerto Rico's small, developing economy and the vastly larger, more industrialized United States has triggered profound changes in the island's industry and labor force. Puerto Rico has been deeply affected by the constant flow of its people to and from the mainland, and by the influx of immigrant workers from other nations. Distinguished economists Francisco Rivera-Batiz and Carlos Santiago provide the latest data on the socioeconomic status of Puerto Rico today, and examine current conditions within the context of the major trends of the past two decades.sland Paradox describes many improvements in Puerto Rico's standard of living, including rising per-capita income, longer life expectancies, greater educational attainment, and increased job prospects for women. But it also discusses the devastating surge in unemployment. Rapid urbanization and a vanishing agricultural sector have led to severe inequality, as family income has become increasingly dependent on education and geographic location. Although Puerto Rico's close ties to the United States were the major source of the island's economic growth prior to 1970, they have also been at the root of recent hardships. Puerto Rico's trade andbusiness transactions remain predominantly with the United States, but changes in federal tax, social, and budgetary policies, along with international agreements such as NAFTA, now threaten to alter the economic ties between the island and the mainland.