This paper analyzes hypotheses and evidence for the causes of the Asian crises. It presents new evidence that, along with high rates of credit expansion and low ratios of international reserves to short-term debt, the combination of substantially appreciated currencies and large current account...

The IMF presents multilateral surveillance as one of its core responsibilities and has recently sought to enhance this role via a series of multilateral consultations with systemically important countries, designed to coordinate exchange rate and macroeconomic policy in order to reduce the...