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The international financial architecture after the Asian crisis: learning from Las Vegas?

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  • Nicholas Snowden

    (Management School, Lancaster University, UK)

Abstract

Recent attempts to diagnose the causes of the Asian financial crisis are examined in this paper. The view, supported in the IMF and other influential sources, that it was the outcome of a market response to policy deficiencies is subject to critical scrutiny. It is argued that the discussion of a new international financial architecture must recognize that financial markets have the potential to generate serious economic disruption without the aid of policy incoherence. An implication is that temporary control over short-term capital movements may be a useful adjunct to a flexible exchange rate regime for capital importing countries. Copyright © 1999 John Wiley & Sons, Ltd.

Suggested Citation

  • Nicholas Snowden, 1999. "The international financial architecture after the Asian crisis: learning from Las Vegas?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(1), pages 107-119.
    • Handle: RePEc:wly:jintdv:v:11:y:1999:i:1:p:107-119
    DOI: 10.1002/(SICI)1099-1328(199901/02)11:1<107::AID-JID579>3.0.CO;2-U
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    References listed on IDEAS

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    Cited by:

    1. Huff, W. G. & Dewit, G. & Oughton, C., 2001. "Credibility and Reputation Building in the Developmental State: A Model with East Asian Applications," World Development, Elsevier, vol. 29(4), pages 711-724, April.

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