Preface

I.	AN OVERVIEW OF THE CRISIS IN EAST AND SOUTH-EAST ASIA AND SELECTED POLICY IMPLICATIONS
	Azizul Islam
	Introduction
	A.The policy context and the evolution of the crisis
	B. The underlying causes
	C. Selected domestic policy issues
	D. Some thoughts on international and regional cooperation
	E. Concluding observations
	Comment, Djisman S. Simanjuntak

II.	THE EAST ASIAN CRISIS: MACROECONOMIC DEVELOPMENTS AND POLICY LESSONS
	Kalpana Kochhar, Prakash Loungani and Mark R. Stone
	Introduction and summary
	A. Origins of the crisis
	B. Onset and spread of the crisis
	C. Policy responses
	D. Lessons for crisis resolution
	E. Lessons for avoiding crises
	Comment, Kunio Saito
	Comment, Ammar Siamwalla

III.	PRIVATE CAPITAL FLOWS TO ASIAN DEVELOPING COUNTRIES: PAST TRENDS AND FUTURE PROSPECTS
	Pradumna B. Rana
	Introduction
	A. Trends until 1996
	B. Sharp reversal in 1997
	C. Prospects for private capital flows to the Asian developing countries
	D. Lessons for the non-affected countries
	Comment, P.J. Nayak

IV.	CORPORATE GOVERNANCE IN EAST ASIA: A FRAMEWORK FOR ANALYSIS
	Stephen Prowse
	Introduction
	A. External finance and corporate governance
	B. The situation in East and South-East Asia
	C. Some suggestions for the future
	Comment, Andrew Procter

V.	SOUND PRACTICES TO FACILITATE DEVELOPMENT OF THE FINANCIAL SECTORS IN THE ASIAN DEVELOPING COUNTRIES
	Paul Dickie
	Introduction
	Sound practices BOX II.1. Asian crisis countries: summary of structural reforms TABLES I.1. Exchange rates and stock market indices I.2. Changes in the dollar value of exports and current account balances I.3. Stock of debt to foreign private creditors, 1992-1997 I.4. International reserves II.1. ASEAN-4 and the Republic of Korea: key economic indicators, 1990-1999 II.2. Crisis countries: exchange rates and CPI inflation, June 1997 - April 1998 II.3. Asian crisis countries: real effective exchange rates II.4. Asian crisis countries: growth of monetary aggregates, 1997-1998 III.1. Changes in degree of global financial integration III.2. Net capital flows to the Asian developing countries III.3. Net private capital flows to the Asian developing countries, 1987-1996 III.4. Five Asian economies: external financing IV.1. Stock market capitalization, 1985 IV.2. Composition of companies' credit market debt, 1985 IV.3. Summary statistics of ownership concentration for non-financial firms IV.4. Frequency of majority ownership and the identity of the majority shareholder IV.5. Legal and regulatory constraints on corporate control IV.6. Legal and regulatory constraints on the access of non-financial firms to non-bank finance IV.7. Number of firms complying fully, partially, or not at all with OECD guidelines on disclosure practices IV.8. Legal protection for external financiers of firms IV.9. Ownership of selected business groups in the Republic of Korea by insiders IV.10. Leverage ratios in selected Asian countries and Latin America in the 1990s IV.11. Major characteristics of company laws in selected emerging economies FIGURES I.1. Selected South-East and East Asian countries, index of real effective exchange rates, 1991-1996 I.2. The process leading to the crisis II.1. Asian crisis countries: private sector credit growth, 1991-1997 II.2. Asian crisis countries: movements in the yen-dollar exchange rate and exports II.3. Asian crisis countries: trade competition III.1. Net capital flows to Asian developing countries III.2. Changing composition of net private capital flows to developing member countries of ADB, 1980-1982 and 1994-1996 III.3. Net private capital flows, 1970-1996 III.4. Concentration of private capital flows, 1990-1996 IV.1. Ownership structures ANNEXES II.1. Asian crisis countries: key features of the prudential and regulatory framework before the crisis II.2. Crisis countries: main elements of structural reforms II.3. Summary of economic adjustment programmes in crisis countries