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Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policymakers who confront the "mixed blessing" of capital inflows and the international institutions that manage the recurrent crises.

The authors?leading economists and political scientists?examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies.

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Contents


Contributors	vii
Foreword	ix
Leslie H. Gelb
Acknowledgments	xi
1. Introduction: Capital Flows and Financial Crises in the 1990s	1
	Miles Kahler
2. Contending with Capital Flows: What Is Different about the 1990s?	23
	Barry Eichengreen and Albert Fishlow
3. Effects of International Portfolio Flows on Government Policy Choice	69
	Sylvia Maxfield
4. Some Lessons for Policy Makers Who Deal with the Mixed Blessing
	of Capital Inflows	93
	Carmen M. Reinhart and Vincent Raymond Reinhart
5. Alternative Responses to Capital Inflows: A Tale of Two Countries	128
	Andr6s Velasco and Pablo Cabezas
6. Equity Financing of East Asian Development	158
	Rachel McCulloch and Peter A. Petri
7. Central and Eastern Europe: Financial Markets and Private
	Capital Flows	186
	Dorothy Meadow Sobol
8. Foreign Investment and Political Economy in Russia	229
	Gail Buyske
9. Alternative Approaches to Financial Crises in Emerging Markets	247
	Jeffrey D. Sachs

Index                                                                          263