Contents -- Acknowledgments -- Introduction -- I. THE CURRENT ACCOUNT AND VULNERABILITY TO CRISIS -- 1. Does the Current Account Matter? -- 2. Are Trade Linkages Important Determinants of Country Vulnerability to Crises? -- II. INTERNATIONAL FINANCIAL PLAYERS AND CONTAGION -- 3. What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility? -- 4. When Is U.S. Bank Lending to Emerging Markets Volatile? -- 5. The Role of Large Players in Currency Crises -- 6. Contagion: How to Measure It? -- 7. Credit, Prices, and Crashes: Business Cycles with a Sudden Stop -- III. CAPITAL CONTROLS: THE MALAYSIAN EXPERIENCE -- 8. Did the Malaysian Capital Controls Work? -- 9. Malaysia's Crisis: Was It Different? -- IV. BALANCE SHEETS AND "CRONY CAPITALISM" -- 10. Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises -- 11. Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia -- 12. Dollarization of Liabilities, Net Worth Effects, and Optima Monetary Policy -- 13. Chaebol Capitalism and the Currency-Financial Crisis in Korea -- 14. Living with the Fear of Floating: An Optimal Policy Perspective -- 15. Policy in an Economy with Balance Sheet Effects -- V. OVERVIEW -- 16. A Primer on Emerging-Market Crises -- Contributors -- Author Index -- Subject Index.