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The paper analyses the causes of the Asian Financial Crisis 1977/79. The increase in cross-border capital mobility and the issues of regulating sequencing of trade liberating and capital account convertiblity are also discussed. A typology of generation-models of currency crises is analyzed. It...
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its orders, even including regime change. Guaranteed convertibility of a currency, such as maintaining a gold standard …, can in principle help to stabilise its value, but this has been absent since the end of US dollar convertibility in 1971 …. The Grondona system of conditional currency convertibility was not planned as a counter-measure for currency crises …
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