3. Does It Pay to Defend against a Speculative Attack?

Chapters in this book

1. Frontmatter i
2. Contents vii
3. Acknowledgments xi
4. Introduction 1
5. I. The Defense
6. 1. Interest Rates and Exchange Rates in the Korean, Philippine, and Thai Exchange Rate Crises 11
7. 2. Interest Rate Defense against Speculative Attack as a Signal: A Primer 37
8. 3. Does It Pay to Defend against a Speculative Attack? 61
9. II. The Program
10. 4. The International Lender of Last Resort: How Large Is Large Enough? 89
11. 5. Rescue Packages and Output Losses Following Crises 125
12. 6. Financial Restructuring in Banking and Corporate-Sector Crises: What Policies to Pursue? 147
13. 7. On the Fiscal Implications of Twin Crises 187
14. 8. An Evaluation of Proposals to Reform the International Financial Architecture 225
15. III. The Impact
16. 9. Recovery and Sustainability in East Asia 275
17. 10. A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs 321
18. 11. IMF and World Bank Structural Adjustment Programs and Poverty 361
19. 12. Impacts of the Indonesian Economic Crisis: Price Changes and the Poor 393
20. Contributors 429
21. Author Index 433
22. Subject Index 437