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1、eichengreen.final11/12/022:08PMPage1CAPITALFLOWSCAPITALFLOWSandCRISES“Thiscollectionisatourdeforceofappliedeconomichistory.BarryEichengreen’stheoreticallyinformedessaysonthecausesandconsequencesofpastcrisessetuphisusefuladviceonmanagingthoseofCAPITALFLOWSthepresent.”KENNETHOYE,Center
2、forInternationalStudiesandDepartmentofPoliticalScience,MassachusettsBarryEichengreenisGeorgeC.PardeeandHelenN.PardeeProfessorofInstituteofTechnologyandEconomicsandPoliticalScienceattheUniversityofCalifornia,Berkeley.andCRISESHeistheauthorofEuropeanMonetaryUnification(MITPress,1997).“
3、Researchoncriseshasexplodedinrecentyears,andEichengreenhasbeeninthelead.Thisvolumebringstogetherthebestofhisrecentwritingsonthesubject.”CRISESALANM.TAYLOR,DepartmentofEconomics,UniversityofCalifornia,DavisBarryEICHENGREENEICHENGREENTheimplicationsofcapitalmobilityforgrowthandstabilit
4、yaresomeofthemostcontentiousandleastunderstoodcontemporaryissuesineco-nomics.InthisbookBarryEichengreendiscusseshistorical,theoretical,empirical,andpolicyaspectsoftheeffects,bothpositiveandnegative,ofcapitalflows.Hefocusesontheconnectionsbetweencapitalflowsandcrisesaswellasonthosebet
5、weencapitalflowsandgrowth.Eichengreenarguesthatinternationalfinancialliberalization,likeotherformsofeconomicliberalization,canpositivelyaffecttheefficiencyofresourceallocationandtherateofeconomicgrowth.Butanalysesofbothrecentandhistoricalexperiencealsoshowanundeniableassociationbetwe
6、encapitalmobilityandcrises,especiallywhendomesticinstitutionsareweakandtheharmonizationofcapitalaccountliberalizationand0-262-05067-6otherpolicyreformsisinadequate.Inhisconclusion,EichengreenmakesTHEMITPRESSsuggestionsforpolicydesigntomaximizethebenefitsofinternationalMassachusettsIn
7、stituteofTechnologyBarryEICHENGREEN,!7IA2G2-afaghi!:t;K;k;K;kfinancialliberalizationwhileminimizingtherisksoffinancialinstability.Cambridge,Massachusetts02142Coverimageofcoins©2002PhotoDisc,Inc.http://mitpress.mit.eduCapitalFlowsandCrisesThisPageIntentionallyLeftBlankCapitalFlowsandC
8、risesBarryEi
