Financial and Currency Crises: An Overview

Financial and currency crises, especially those of East Asia, have by now registered as salient events in the recent history of the world economy. In particular, the crises have awakened development experts and policy makers to the heretofore latent downside of globalisation, despite its many potential benefits. This article provides an overview of the papers published in the current volume. The overview focuses on: (i) capital flow volatility, paying particular attention to the ‘capital inflow problem’; (ii) the issue of bank runs in Sub‐Saharan Africa (Africa), with emphasis on the importance of accountability in the regulatory environment; (iii) the Asian financial crisis, drawing special lessons for African countries; and (iv) the global financial crisis, with focus on the implications for the African region.