Purpose The purpose of this paper is to test whether financial crises themselves provide some degree of ex post discipline. In other words, is there learning from the mistakes associated with crises? The authors test this hypothesis on credit growth, a frequent contributor to banking crises....

Purpose This paper aims to investigate the relationship between capital flow surges, reversals and sudden stops. Design/methodology/approach Emphasizing the importance of looking at the behavior of domestic as well as foreign capital flows, the authors distinguish sudden stops from capital flow...

We argue that a number of recent studies have overstated the economic case for the creation of a common Asian currency by focusing on only a few of the relevant criteria. We also conclude that endogenous forces are unlikely to be sufficiently strong that adopting a common currency would quickly...

ContributorsIntroduction, Dominick Salvatore, James W. Dean, and Thomas D. WillettPart I. General AnalysisA Visionary's View1. Currency Areas, Exchange Rate Systems, and International Monetary Reform, Robert MundellDe Facto Dollarization2. Unofficial Dollarization in Latin America: Currency...