The recent financial crisis in Asia has once again alerted the international community to the fragility of the global financial system and the serious consequences of enormous, rapid private capital flows. In this book, experts from around the world discuss the implications of financial crises in developing and transition countries.

Yung Chul Park (Korea Institute of Finance) presents an up-to-date account of the effects of and remedies for financial crisis in Asia and elsewhere. Charles Wyplosz (Graduate Institute of International Studies) reviews the lessons learnt, and not yet learnt. Jack Boorman (IMF) reflects on the causes and consequences of the Asian crisis and suggests how the IMF, other creditors and the private sector should be involved in dealing with future crises. Ariel Buira (formerly with the Central Bank of Mexico) suggests an alternative approach to dealing with financial crises by e.g. the timely provision of sufficient IMF support. Susan Phillips (US Fed) dwells on sound international supervision. William White (BIS) discusses the role of the Bank for International Settlements in promoting financial stability, Amaret Sila-On (Financial Sector Restructuring Authority, Thailand) and György Szapáry (National Bank of Hungary) discuss specific financial issues in each of their countries. Christian Larraín (Chile) deals extensively with the challenges of banking supervision in developing economies.