Contents: Vol. I: Introduction. I. Asset bubbles and the NICs model: 1. Trade and growth in East Asian countries: cause and effect?/Jeffrey A. Frankel, David Romer and Teresa Cyrus. 2. Crisis transmission: evidence from the debt, tequila and the Asian flu crises/Jose De Gregorio and Rodrigo O. Valdes. 3. Asset bubbles, leverge and lifeboats: elements of the East Asian crisis/Hali J. Edison, Pongsak Luangaram and Marcus Miller. 4. The role of institutions in Asian development/Ha-Joon Chang. 5. What future for the NIC model? Globalisation and the remaking of the Third World/Mustapha Kamal Pasha and James H. Mittelman. II. Miracle, meltdown and the contagion: 6. Asia's reemergence/Steven Radelet and Jeffrey Sachs. 7. East Asian currency and financial crisis: meltdown, collapse and after/Rameshwar Tandon. 8. From 'miracle' to 'meltdown': interpreting Asia's economic growth/James H. Cassing and Jerome C. Wells. 9. Why are currency crises contagious? a comparison of Latin American crisis of 1994-95 and the Asian crisis of 1997-98/Marcel Fratzscher. III. Lessons from crisis and collapse: Financial market contagion in the Asian crisis/Taimur Baig and Ilan Goldfajn. 11. Rejecting exceptionalism: reinterpreting the Asian financial crisis/Ilene Grabel. 12. Are currency crises predictable? a test/Andrew Berg and Catherine Pattillo. 13. Asian currency and financial crises: lessons from vulnerability, crisis and collapse/Jenny Corbett and David Vines. 14. Ins and Outs of Asia's financial crisis/Helen Cabalu.

Vol. II: IV. East Asian growth before and after the crisis: 15. The East Asia crisis and corporate finances: The untold micro story/Michael Pomerleano. 16. East Asia's currency and economic crisis and a new financial and cooperation order- a view from Japan/Hitoshi Hirakawa. 17. The Asian crisis: an alternate view/Rajiv Kumar and Bibek Debroy. 18. East Asian growth before and after the crisis/Nicholas Crafts. 19. The financial crisis in South East Asia: causes and effects on the global economy/Helmut Hesse and Laura Auria. V. Growth miracle and policy responses: 20. The Asian miracle and modern growth theory/Richard R. Nelson and Howard Pack. 21. Volatility and contagion in a financially integrated world: lessons from East Asia's recent experience/Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh and Leonardo Hernandez. 22. The East Asian crisis investigating causes and policy responses/Warwick McKibbin and Will Martin. 23. Growth miracle and its unraveling in East and South-East and South-East Asia: unregulated competitiveness and denouement of manipulation by international financial community/Amiya Kumar Bagchi. 24. East Asian economies: trends in saving and investment/V. Bhanoji Rao.

Vol. III: VI. Contagion and public policy: 25. The Asian crisis, the IMF and Dr. Mahathir/Hans Visser and Jan ter Wengel. 26. Fundamental vulnerability to currency crises: the case of Turkey/Bernd Schnatz. 27. On crises, contagion and confusion/Graciela L. Kaminsky and Carmen M. Reinhart. 28. Contagion: understanding how it spreads/Rudiger Dornbusch, Yung Chul Park and Stijn Claessens. 29. Financial markets, public policy and the East Asian miracle/Joseph E. Stiglitz and Jarilou Uy. 30. Dealing with the Asian Crisis: IMF conditionality and implications in Asia and beyond/Peter Nunnenkamp. VII. Asian model, Japan And Korea: 31. The foreign exchange origins of Japan's economic slump and low interest liquidity trap/Ronald McKinnon and Kenichi Ohno. 32. The role of foreign capital in the Korean economy: a driving force of economic development or financial crisis?/Bang Nam Jeon. 33. Currency crisis in Korea: how was it aggravated?/Daekeun Park and Changyong Rhee. 34. South Korea's financial crisis in 1997: what have we learned?/Byung S. Min. 35. Hoe the republic of Korea's financial structure affects the volatility of four asset prices/Hong G. Min and Jong goo Park. 36. The East Asian Model: an exploration of rapid economic growth in the Republic of Korea and Taiwan province of China/Jene K. Kwon.

Vol. IV: VIII. Distress in Thailand: 37. Bad banking in Thailand? an empirical analysis of macro indicators/Lukas Menkhoff. 38. Thailand's corporate financing and governance structures/Pedro Alba, Stijn Claessens and Simeon Djankov. 39. The political economy of distress in East Asian  financial institutions/Paola Bongini, Stijn Claessens and Giovanni Ferri. IX. Issues in theory and policy: 40. Interpreting the Asian financial crisis: open issues in theory and policy/Giancarlo Corsetti. 41. Economic turmoil in Asia: a reinterpretation/Sunanda Sen. 42. A neoclassical analysis of the ASEAN and East Asian growth experience/Toh Mun Heng and Tiew Chee Siang. X. Interventions and catch up: 43. Measuring government intervention and estimating its effect on output: with reference to the High performing Asian economies/Stephen Knowles and Arlene Garces. 44. Technological catch-up and economic growth in East Asia and the Pacific/Peter Drysdale and Yiping Huang. 45. The Asian model, the miracle, the crisis and the fund/Jeffrey A. Frankel. 46. Lessons from the Asian crisis/Frederic S. Mishkin.

Vol. V: XI. Globalisation and growth after Asian Crisis: 47. How LDCs can better cope with future "Asian" (foreign exchange) crises: a proposal/Joseph Ramos. 48. Growth after the Asian Crisis: What remains of the Eat Asian model/K.S. Jomo. 49. East Asia: the simmering cauldron/Frederic F. Clairmont. 50. The Dichotomy between the North-East Asian capitalism and South-East Asian capitalism/Donghyun Park. 51. Globalization and development revisited in light of Asian experience/Azizul Islam. 52. Global competition and Asian economic development: some neo-Schumpeterian approaches and their relevance/Karl Wohlmuth. Index.

"The dominant feature of the world economy in new century is its increasing globalisation and growing fear of its consequences; it also shows marked reversal of attitudes in the third world from the time of Raul Prebisch. In a more independent world economy, any global or regional shock (e.g., the Asian crisis or Russian crisis of 1997-98) is rapidly propagated to other countries.

 We hear a lot about the creation of a borderless world and the end of nation state. By reducing cost of communication, technology has helped to globalise production and finance. History may not have ended but geography, if not coming to an end, certainly matters less now.

What really went wrong in East Asia, since for years, the market did not foresee any problems. The key domestic factors leading to crisis were the failure to dampen overheating pressures in the region. The banking crisis here preceded the attacks on their currencies and currency crises were often preceded by a boombust cycle in property prices and in Thailand, as also in Japan, falling land prices played a leading role. Asian crisis may be interpreted in context of long waves of innovation world over.

This volume brings together recent research work relating to the following elements.

Assets bubbles and NICs' model.
Miracle, meltdown and the contagion. 
Lessons from crisis and collapse.
East Asian growth before and after the crisis.
Growth miracle and policy responses.
Contagion and public policy. 
Asian model, Japan and Korea.
Issues in theory and policy.
This series is dedicated to Raul Prebisch who underlined the dynamics of the world economy and interdependence between industrial countries of the North and LDCs of the South." (jacket)