Much of the recent literature on the East Asian crisis of 1997-98 has focused on the sudden capital reversals and the accompanying regional bust. An oft ignored fact is that the bust was preceded by a prolonged boom period. This boom was fuelled primarily by large-scale capital inflows...

The political economy of currency taxation suggests that the idea will receive more support if it can be shown to make a significant contribution to offsetting the perceived inefficiencies of private international capital markets. This paper explores what can be expected from a currency tax in...

Most analyses of the East Asian financial crisis have focused on its causes and the links between currency and banking crises. However a related question is what happens in the aftermath of a crisis? What factors determine the path of an economy in the post-devaluation phase? Does it swiftly...

The new-style currency crises that have afflicted a number of developing and emerging economies of late are characterised by sudden stops in capital inflows and adverse balance sheet effects. Given the potential high costs of these crises, there remains an ongoing debate on how they might best...