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


  • Nicholas Snowden

    (Management School, Lancaster University, UK)


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.

Suggested Citation

  • Nicholas Snowden, 1999. "The international financial architecture after the Asian crisis: learning from Las Vegas?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(1), pages 107-119.
  • Handle: RePEc:wly:jintdv:v:11:y:1999:i:1:p:107-119 DOI: 10.1002/(SICI)1099-1328(199901/02)11:1<107::AID-JID579>3.0.CO;2-U

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    References listed on IDEAS

    1. 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.
    2. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    3. 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.
    4. Blanchard, Olivier Jean, 1979. "Speculative bubbles, crashes and rational expectations," Economics Letters, Elsevier, vol. 3(4), pages 387-389.
    5. Klein, Benjamin, 1974. "The Competitive Supply of Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(4), pages 423-453, November.
    6. Dornbusch, Rudi, 1999. "After Asia: New Directions for the International Financial System," Journal of Policy Modeling, Elsevier, vol. 21(3), pages 289-299, May.
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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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