CONTENTS -- Preface -- Acknowledgements -- List of Abbreviations -- Chapter 1: Overview -- REFERENCES -- Part I: Successes of Globalization -- Chapter 2: Be Careful What you Wish For -- REFERENCES -- Chapter 3: Trade Policy and Economic Development: How We Learn -- I. EVOLUTION OF THEORY, UNDERSTANDING, AND POLICY -- A. The Early Years -- B. Accepted Stylized Facts and Premises -- C. Initial Policies -- D. Resulting Evolution of Policies -- E. Research Directions and Contributions -- F. East Asian Experience -- II. HOW DID ECONOMISTS AND RESEARCHERS GO WRONG? -- A. Misapplication of Good Theory -- B. Negative Results -- C. Good Theory Assuming Counterfactual Situations -- III. WHAT RESEARCH CONTRIBUTED TO IMPROVED POLICIES -- A. Challenging the Stylized Facts and Understanding How Import-Substitution Regimes Worked -- B. Refinement and More Appropriate Interpretation of Theory -- C. Demonstration of the Viability of Alternative Trade Policies -- IV. WHAT LESSONS CAN BE LEARNED FOR RESEARCH IN NEW APPLIED FIELDS? -- REFERENCES -- Chapter 4: Increased Understanding of Supply Side Economics -- I. INTRODUCTORY CONSIDERATIONS -- II. THINKING ABOUT ECONOMIC POLICY IN THE 1950s -- III. SUPPLY SIDE ECONOMICS TODAY -- IV. CHALLENGES FOR THE FUTURE -- REFERENCES -- Part II: Economic Policy Reform -- Chapter 5: DeToqueville's 'Dangerous Moment': The Importance of Getting Reforms Right -- I. DEFINING REFORM -- II. CONTEXT AND CREDIBILITY -- III. UNCERTAINTY -- IV. WINNERS AND LOSERS -- V. COMPREHENSIVENESS -- VI. COMMITMENT AND FOLLOW-THROUGH -- VII. WHAT, WHEN AND HOW -- VIII. THE IMF'S ROLE -- CONCLUSION -- REFERENCES -- Chapter 6: The Crucial Role of Financial Intermediation for Rapid Growth -- I. THE ROLE OF THE FINANCIAL SECTOR IN GROWTH -- II. LESSONS FROM THE ASIAN CRISIS -- CONCLUSION -- REFERENCES.

Chapter 7: Lessons from the Asian Financial Experience -- LESSONS FOR EMERGING MARKETS AND DEVELOPING COUNTRIES -- LESSONS FROM GROWTH -- EVENTS LEADING TO CRISIS IN KOREA -- LESSONS FOR THE FINANCIAL SECTOR FROM JAPAN (AND KOREA) -- LESSONS FOR POST-CRISIS POLICY -- REFERENCES -- Chapter 8: Economic Policy Reforms in Brazil and Turkey -- TURKEY: CRISES AND RESOLUTION4 -- BRAZIL: CRISIS DEFUSED AND ACCELERATED GROWTH -- LESSONS -- REFERENCES -- Part III: Sovereign Debt Restructuring -- Chapter 9: A New Approach to Sovereign Debt Restructuring -- THE NEED FOR A SOVEREIGN DEBT RESTRUCTURING MECHANISM -- The Objective -- The Problem -- CORE FEATURES OF A SOVEREIGN DEBT RESTRUCTURING MECHANISM -- Existing Rehabilitation Models and Their Limitations -- The Sovereign Context -- THE ROLE OF THE IMF -- The Role of IMF Finance -- Operating the Framework -- THE LEGAL BASIS FOR A SOVEREIGN DEBT RESTRUCTURING MECHANISM -- The Benefits and Limits of Contract -- Implementing a Statutory Framework -- Exchange Controls -- CONCLUSION -- Chapter 10: Sovereign Workouts: An IMF Perspective -- I. INTRODUCTION -- II. THE PROBLEM -- A. Unsustainable Debt and its Implications -- B. The Barriers to Restructuring -- 1. The policies of the sovereign debtor -- 2. Collective action problems -- III. REFORMING THE LEGAL FRAMEWORK -- A. Collective Action Clauses -- B. The SDRM -- C. The Role of the IMF -- CONCLUSIONS -- Part IV: Multilateralism for the Twenty-First Century -- Chapter 11: The Founding of the Bretton Woods Institutions: A View from the 1990s -- I. WHAT HAPPENED? -- 2. THE ROLE OF IDEAS -- 3. BUREAUCRATIC POLITICS AND PERSONALITIES -- 4. WHY DID THE BANK AND FUND EMERGE AND THE ITO DIE? -- 5. CONCLUSIONS -- REFERENCES -- Chapter 12: The Clash between Economics and Politics in the World Trade Organization -- I. INTRODUCTION -- II. THE GATT/WTO PRINCIPLES.

III. ECONOMICS VERSUS POLITICS -- IV. ECONOMICS VERSUS POLITICS IN THE DOHA ROUND -- V. THE FUTURE OF THE MULTILATERAL TRADING SYSTEM -- VI. STRUCTURE AND DECISION-MAKING PROCESSES -- VII. CHANGES IN RULES GOVERNING TRADE -- VIII. MECHANISMS COVERING NEW ISSUES -- CONCLUSIONS -- REFERENCES -- Chapter 13: At the Service of Nations: The Role of the IMF in the Modern Global Economy -- Chapter 14: An Enduring Need: The Importance of Multilateralism in the Twenty-First Century -- THE ROLE OF MULTILATERALISM -- WHERE WE ARE TODAY -- Part V: Looking Forward -- Chapter 15: Postscript -- Author Index -- Subject Index.