This volume investigates whether the net benefits of volatile, short-term international capital flows justify the significant economic risks and development costs faced by emerging markets. The authors, a collection of senior policy-makers and academic economists, analyze the macroeconomic dilemmas and regulatory challenges that preceded the 1994 Mexican and 1997 East Asian financial crises. By synthesizing historical data and policy outcomes, the text provides a framework for understanding how developing nations can better manage the instability inherent in global capital movements.

Experts recognize this work as a foundational text for understanding the structural vulnerabilities of emerging economies during the late 20th century. Readers frequently note the academic density of the prose, which is tailored for policy analysts and students of international development.