This Paper considers how an international lender of last resort can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international lender of last resort injects international liquidity into financial markets, and...

This paper begins with an account of the Asian crisis, its creation and management by international financial institutions (the International Monetary Fund and the World Bank), and the gender impact of their stabilization and structural adjustment programs. Next we consider the new debate on...