The Asian financial crisis hit the most rapidly growing and successful economies in the world, plunging them into deep crisis, with effects that will be felt for years to come; and it has, of course, generated an enormous policy debate. But little has been published in academic form. This book is intended to help fill the gap with a carefully selected set of papers covering the causes and consequences of the crisis, and possible cures.
Most of the contributions were commissioned for two key conferences on the Asian crisis held in England in May and July 1998. These meetings, at London and Warwick Universities, respectively, were collaboratively organised by the Centre for Economic Policy Research (CEPR), the World Bank Institute (WBI), the ESRC's Global Economic Institutions (GEI) Programme, the Centre for the study of Globalisation and Regionalisation of Warwick University (CSGR), and the Department of Economics at Warwick University (financed by ESRC project no. L120251024, ‘A Bankruptcy Code for Sovereign Borrowers’). Additional financial support was also provided by Credit Suisse First Boston (CSFB). The meetings brought together a lively group of authors, discussants, and others from Europe, the USA and elsewhere, including members of the IMF and the World Bank, as well as academics and market participants. These meetings grew, in part, out of two earlier gatherings held in Cambridge and London in July 1997, and in London in February 1998, organised by CEPR, and funded by the UK Foreign and Commonwealth Office, HM Treasury, the Bank of England and the GEI Programme of the ESRC.