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List of figures; List of tables; Preface; Acknowledgements; IntroductionPierre-Richard Agenor, Marcus Miller, David Vines and Axel A. Weber; Part I.General Accounts: 1. The role of macroeconomic and financial sector linkagesin East Asia's financial crisis Pedro Alba, Amar Bhattacharya, StijnClaessens, Swati Ghosh and Leonardo Hernandez; Discussion Sule Ozler; 2. TheAsian crisis: lessons from the collapse of financial systems, exchange ratesand macroeconomic policy Jenny Corbett and David Vines; Appendix: Thailand, astylised chronology; Discussion Christopher Bliss; 3. Are capital inflows todeveloping countries a vote for or against economic policy reforms? MichaelP. Dooley; Discussion Kenneth Kletzer; 4. The Asian crisis: an overview ofthe empirical evidence and policy debate Giancarlo Corsetti, Paolo Pesenti,and Nouriel Roubini; Appendix; Discussion Richard Portes; Part II.Theoretical Contributions: 5. Capital markets and the instability of openeconomies Philippe Aghion, Philippe Bacchetta and Abhijit Banerjee; Appendix1: solving the model in the Leontief case; Appendix 2: why full financialliberalisation - unlike foreign direct investment - may destabilise anemerging market economy; Discussion Gianluca Femminis; 6. Volatility and thewelfare costs of financial market integration Pierre-Richard Agenor andJoshua Aizenman; Discussion John Driffill; 7. A theory of the onset ofcurrency attacks Stephen Morris and Hyun Song Shin; Discussion Jonathan P.Thomas; Part III. Contagion: 8. Contagion: monsoonal effects, spillovers andjumps between multiple equilibria Paul Masson; Discussion Axel A. Weber; 9.Contagion and trade: why are currency crises regional? Reuven Glick andAndrew K. Rose; Appendix; Discussion Mark P. Taylor; 10. Competition,complementarity and contagion in East Asia Ishac Diwan and Bernard Hoekman;Appendix; Discussion Jenny Corbett and David Vines; Part IV. PolicyResponses: 11. Coping with crises: is there a 'silver bullet'? AmarBhattacharya and Marcus Miller; 12. Must financial crises be this frequentand this painful? Joseph Stiglitz; 13. Round table discussion Richard Portes,Phillip Turner and Charles A. Goodhart; Index.