This paper provides an asymmetric information analysis of the recent East Asian crisis. It then outlines several lessons from this crisis. First, there is a strong rationale for an international lender of last resort. Second, without appropriate conditionality for this lending, the moral hazard...

This chapter traces the political economic environment in which the East Asian regional financial architecture emerged, from its beginnings in the roots of the Asian financial crisis of the late 1990s to today's Chiang Mai Initiative and other formal and informal mechanisms. A series of...

From free people to a unified Thai kingdom in the mid-14th century (Siam until 1939), and from that to Asian Tiger (or Dragon). Although Thailand saw Japanese's brief invasion in 1941, it has never been colonized by a European power. Nevertheless, Thailand has witnessed repeated political...