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The currency crises that engulfed East Asian economies in 1997 and Mexico in 1994and their high development costsraise a serious concern about the net benefits for developing countries of large flows of potentially reversible shortterm international capital. Written by senior policymakers and academics, the contributions to this volume examine in depth the macroeconomic and policy dilemmas confronting public authorities in the emerging economies as they deal with shortterm capital movements, especially in the period before the outbreak of these crises.
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