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The international financial architecture after the Asian crisis: learning from Las Vegas?

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  • Nicholas Snowden

    (Management School, Lancaster University, UK)

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    Abstract

    Recent attempts to diagnose the causes of the Asian financial crisis are examined in this paper. The view, supported in the IMF and other influential sources, that it was the outcome of a market response to policy deficiencies is subject to critical scrutiny. It is argued that the discussion of a new international financial architecture must recognize that financial markets have the potential to generate serious economic disruption without the aid of policy incoherence. An implication is that temporary control over short-term capital movements may be a useful adjunct to a flexible exchange rate regime for capital importing countries. Copyright © 1999 John Wiley & Sons, Ltd.

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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 11 (1999)
    Issue (Month): 1 ()
    Pages: 107-119

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    Handle: RePEc:wly:jintdv:v:11:y:1999:i:1:p:107-119

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    Web page: http://www3.interscience.wiley.com/journal/5102/home

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Dornbusch, Rudi, 1999. "After Asia: New Directions for the International Financial System," Journal of Policy Modeling, Elsevier, vol. 21(3), pages 289-299, May.
    2. Klein, Benjamin, 1974. "The Competitive Supply of Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(4), pages 423-53, November.
    3. Peter H. Lindert & Peter J. Morton, 1989. "How Sovereign Debt Has Worked," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 39-106 National Bureau of Economic Research, Inc.
    4. McKinnon, Ronald I. & Pill, Huw, 1998. "International Overborrowing: A Decomposition of Credit and Currency Risks," World Development, Elsevier, vol. 26(7), pages 1267-1282, July.
    5. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
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    Cited by:
    1. Huff, W. G. & Dewit, G. & Oughton, C., 2001. "Credibility and Reputation Building in the Developmental State: A Model with East Asian Applications," World Development, Elsevier, vol. 29(4), pages 711-724, April.

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