Preventing Currency Crises in Emerging Markets

Hardcover (Print)
Buy New
Buy New from
Used and New from Other Sellers
Used and New from Other Sellers
from $30.99
Usually ships in 1-2 business days
(Save 75%)
Other sellers (Hardcover)
  • All (9) from $30.99   
  • New (4) from $64.50   
  • Used (5) from $30.99   


Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises.

Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds).

Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.

Read More Show Less

Product Details

Meet the Author

Sebastian Edwards is the Henry Ford II Professor of International Business Economics at the Anderson Graduate School of Management at UCLA.

Jeffrey A. Frankel is the James W. Harpel Professor of Capital Formation and Economic Growth at Harvard University's Kennedy School of Government and the director of the National Bureau of Economic Research's program in International Finance and Macroeconomics.

Read More Show Less

Table of Contents

Introduction 1
I The Current Account and Vulnerability to Crisis
1 Does the Current Account Matter? 21
2 Are Trade Linkages Important Determinants of Country Vulnerability to Crises? 77
II International Financial Players and Contagion
3 What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility? 133
4 When Is U.S. Bank Lending to Emerging Markets Volatile? 171
5 The Role of Large Players in Currency Crises 197
6 Contagion: How to Measure It? 269
7 Credit, Prices, and Crashes: Business Cycles with a Sudden Stop 335
III Capital Controls: The Malaysian Experience
8 Did the Malaysian Capital Controls Work? 393
9 Malaysia's Crisis: Was It Different? 441
IV Balance Sheets and "Crony Capitalism"
10 Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises 461
11 Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia 507
12 Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy 559
13 Chaebol Capitalism and the Currency-Financial Crisis in Korea 601
14 Living with the Fear of Floating: An Optimal Policy Perspective 663
15 Policy in an Economy with Balance Sheet Effects 705
V Overview
16 A Primer on Emerging-Market Crises 743
Contributors 755
Author Index 759
Subject Index 765
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)