Capital flows to the developing economies have long displayed a boomandbustpattern. Rarely has the cycle turned as abruptly as it did in the 1990showever surges... » 

Capital flows to the developing economies have long displayed a boomandbustpattern. Rarely has the cycle turned as abruptly as it did in the 1990showever surges in lending were followed by the Mexican peso crisis of 199495and the sudden collapse of currencies in Asia in 1997. This volume maps a newand uncertain financial landscape one in which volatile private capital flowsand fragile banking systems produce sudden reversals of fortune for governmentsand economies. This environment creates dilemmas for both national policymakerswho confront the mixed blessing of capital inflows and the internationalinstitutions that manage the recurrent crises.The authors leading economists and political scientists examine privatecapital flows and their consequences in Latin America Pacific Asia. and EastEurope placing current cycles of lending in historical perspective. Nationalgovernments have used a variety of strategies to deal with capitalaccountinstability. The authors evaluate those responses. prescribe new alternativesand consider whether the new circumstances require novel Internationalpolicies.Miles Kahler holds the Rohr Chair in Pacific International Relations at theUniversity of California San Diego. The author of several books. be edited ThePolitics of International Debt also from Cornell. «