By Shanker Satyanath
In an international the place capital strikes freely throughout nationwide borders, constructing international locations have more and more been subjected to devastating monetary crises because of the surprising withdrawal of international capital. How do such crises improve? This publication specializes in a singular causal direction: that of miscommunication. via interpreting the determinants of Asia's monetary drawback of 1997-98, it demonstrates why constructing democracies are really susceptible to breakdowns in conversation among monetary officers and the manager government and descriptions the disastrous outcomes of such breakdowns.
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