ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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International Reserve Holdings by Developing Countries

Rapid reserve depletion has been one of the defining features of currency crises and reserve levels ex ante have showed up as a significant variable in many studies examining the predictability of crises. This would appear to suggest that countries need to look beyond domestic reserve and debt management to buttress their international liquidity positions to effectively protect themselves from the vagaries of international capital markets.

Calcutta Diary

The Republic of Argentina has proved the point. It is not necessarily TINA. There can be an alternative, there is an alternative. Suppose, way back in 1991, the Indian ruling class, instead of capitulating, had defaulted on the country's external debt commitments, India need not have gone down either.

Argentina and East Asia:The Peg Does It Yet Again

Notwithstanding some key differences, an important parallel between the east Asian crisis of 1997-98 and the recent turmoil in Argentina is the pivotal role played by the US dollar pegs in instigating the vulnerabilities which eventually led to the concerned countries succumbing to crisis. What is the appropriate lesson to draw from these experiences?

Asian Crisis Revisited

The East Asian Currency Crisis by Mihir Rakshit; Oxford University Press, Delhi, 2002; pp xii+288, Rs 545 .
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