Part I. General Accounts: 1. The role of macroeconomic and financial sector linkages in East Asia's financial crisis Pedro Alba, Amar Bhattacharya, Atijn Claessens, Swati Ghosh, Leonardo Hernandez and Sule Ozler

2. The Asian crisis: lessons from the collapse of financial systems, exchange rates and macroeconomic policy Jenny Corbett, David Vines and Christopher Bliss

3. Are capital inflows to developing countries a vote for or against economic policy reforms? Michael Dooley and Kenneth Kletzer

4. The Asian crisis: an overview of the empirical evidence and policy debate Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini and Richard Portes

Part II. Theoretical Contributions: 5. Capital markets and the instability of open economics Philippe Aghion, Philippe Bacchetta, Abhijit Banerjee and Gianluca Femminis

6. Volatility and the welfare costs of financial market integration Pierre-Richard Agé

nor, Joshua Aizenman and John Driffil

7. A theory of the onset of currency attacks Stephen Morris, Hyun Song Shin and Jonothan Thomas

Part III. Contagion: 8. Contagion: monsoonal effects, spillovers and jumps between multiple equilibria Paul Masson and Axel Weber

9. Contagion and trade: why are currency crises regional? Reuven Glick, Andrew K. Rose and Mark Taylor

10. Competition, complementarity and contagion in East Asia Ishac Diwan, Bernard Hoekman, Jenny Corbett and David Vines

Part IV. Policy Responses: 11. Roundtable discussion Richard Portes, Charles Goodhart and Phillip Turner

12. Designing financial institutions for global capitalism Amar Bhattacharya, Marcus Miller and Joshua Aizenman

13. Must financial crises be this frequent and painful? Joseph Stiglitz.