A Regional Approach to Financial Crisis Prevention: Lessons from Europe and Initiatives in Asia, Latin America and Africa


Can regional financial arrangements help prevent financial crises in emerging and developing economies?  Should these countries follow Western Europe's example by fixing the exchange rates to each other rather than to the dollar, the yen or the euro?  Should the IMF and the World Bank become more supportive to regional monetary arrangements?

In light of the recurring financial crises of the last eight years -- Mexico (1994), East Asia (1997), Russia (1998), Brazil (1999), Argentina (2001) - these questions are highly relevant for policymakers as well as the public at large.  This book presents the views of prominent international experts and officials from different regions of the world.


Contents & Contributors 

Introduction by Jan Joost Teunissen  

Part I Lessons from European Economic Integration

  • "Regional Exchange Rate Arrangements: Some Lessons from Europe" Charles Wyplosz
  • Comment by William White
  • Comment by Zdenĕk Drábek
  • Comment by Brian Kahn
  • Floor Discussion
Part II Managing Economic Convergence and Financial Stability in the EU Accession Countries of Central and Eastern Europe
  • "Managing Economic Convergence and Financial Stability in the Czech Republic" Oldrich Dĕdek
  • "Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies" János Vincze
  • Comment by Stephany Griffith-Jones
  • Floor Discussion
Part III Regional Economic Integration in East Asia and South America
  • "Beyond the Chiang Mai Initiative: Rationale and Need for a Regional Monetary Arrangement in East Asia" Yung Chul Park
  • Comment by Leslie Lipschitz
  • "Regional Interdependencies and Macroeconomic Crises in Mercosur" Daniel Heymann
  • Comment by Amar Bhattacharya
  • Floor Discussion
Part IV The Role of Regional and Global Institutions in Crisis Prevention and Management
  • "The Role of Regional Institutions" José Antonio Ocampo
  • "A Regional Approach to the Exchange Rate" Heiner Flassbeck
  • "A Predictable Framework for Crisis Resolution" Paul Jenkins
  • "The Complementary Role of Regional Groups" Leslie Lipschitz
  • "The Role of Regional and Global Institutions" William White
Appendix: List of Participants

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November 2002
ISBN-10: 90-74208-19-3

216 pages

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