Global Economic Prospects 1998/99: Beyond Financial Crises
December 2, 1998 — Global Economic Prospects and the Developing Countries 1998/99: Beyond Financial Crisis analyzes short- and long-term future prospects for developing countries in the wake of the East Asia crisis; maps out policies to deal with crises once they erupt; and focuses on ways to prevent future crises on the scale of East Asia’s recent experience.
Financial crises in emerging markets have many common symptoms: massive loss of confidence, capital outflows, falling currencies and failing banks. But the specific causes -- especially factors precipitating the loss of confidence -- often differ. Different causes merit different policy responses. Crises such as in East Asia hurt the poor most. Protection of their interests needs to be more central in the design of appropriate policy responses.