I. The Defense
1. Interest Rates and Exchange Rates in the Korean, Philippine, and Thai Exchange Rate Crises
Dongchul Cho and Kenneth D. West
Discussion Summary
2. Interest Rate Defense against Speculative Attack as a Signal: A Primer
Allan Drazen
Discussion Summary
3. Does It Pay to Defend against a Speculative Attack?
Barry Eichengreen and Andrew K. Rose
Discussion Summary
II. The Program
4. The International Lender of Last Resort: How Large Is Large Enough?
Olivier Jeanne and Charles Wyplosz
Comment: Olivier Blanchard
Discussion Summary
5. Rescue Packages and Output Losses Following Crises
Michael P. Dooley and Sujata Verma
Discussion Summary
6. Financial Restructuring in Banking and Corporate-Sector Crises: What Policies to Pursue?
Stijn Claessens, Daniela Klingebiel and Luc Laeven
Discussion Summary
7. On the Fiscal Implications of Twin Crises
A. Craig Burnside, Martin Eichenbaum and Sergio Rebelo
Discussion Summary
8. An Evaluation of Proposals to Reform the International Financial Architecture
Morris Goldstein
Discussion Summary
III. The Impact
9. Recovery and Sustainability in East Asia
Yung Chul Park and Jong-Wha Lee
Discussion Summary
10. A Curse Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs
Michael M. Hutchison
Comment: Gian Maria Milesi-Ferretti
Discussion Summary
11. IMF and World Bank Structural Adjustment Programs and Poverty
William Easterly
Discussion Summary
12. Impacts of the Indonesian Economic Crisis: Price Changes and the Poor
James Levinsohn, Steven Berry and Jed Friedman
Discussion Summary