Hazards and Precautions: Tales of International Finance
Gary Hufbauer () and
Erika Wada ()
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Erika Wada: Peterson Institute for International Economics
No WP99-11, Working Paper Series from Peterson Institute for International Economics
In the wake of financial crises in Mexico (1994-95), Asia (1997-98), Russia (1998) and Brazil (1998-99), respected observers have questioned the benefits of wide-open international capital markets (Bhagwati, 1998; Krugman, 1998; Rodrik, 1998; Eichengreen, 1999). Our purpose is to identify true hazards and suggest appropriate precautions.
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