Contents: 1. Introduction / Gerald Epstein -- Part I Capital flows and financial crises -- 2. Financial crises among emerging and developing economies in the modern era: a brief history and some stylized themes / Elissa Braunstein -- 3. Too good to be true: what the Icelandic crisis revealed...

When Mexico's peso crisis occurred in December 1994, all of Latin America experienced the 'tequila effect'. In January 1998, after seven months of financial turmoil in East Asia, Alan Greenspan, the usually reticent Chairman of the US Federal Reserve Bank, noted that such 'vicious cycles...may,...

A Opening Addresses -- I International Lending in a Fragile World Economy -- II International Lending in a Fragile World Economy: The Point of View of a Commercial Banker -- III International Lending in a Fragile World Economy: A Supervisory Perspective -- B The Growth of International Lending:...