There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. Although such crises—the Latin...

Most Latin American countries have made considerable progress in implementing the core recommendations of the Washington Consensus. The comparison with fast-growing Asian countries shows, however, that higher and more broadbased growth can only be achieved with more comprehensive reforms which...