The chastening : inside the crisis that rocked the global financial system and humbled the IMF /

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Bibliographic Details
Author / Creator: Blustein, Paul.
Format: Book
Edition:First edition.
Imprint: New York : Public Affairs, [2001]
Summary:"In the late 1990s, despite a spectacular stock market boom in the United States, all was not well with the global economy. In rapid succession, Thailand, Indonesia and South Korea spiraled toward economic collapse as international bankers and money managers lost confidence that these nations could repay their debts and maintain the value of their currencies. And as the Asian financial crisis smoldered and flared, the embers spread to Russia and Brazil, bringing the U.S. economy perilously close to disaster in the process." "In this inside look at how the crisis unfolded, Paul Blustein shows how the financial turmoil in Asia caught the International Monetary Fund by surprise and overwhelmed its legions of Ph.D.'s in their efforts to protect against economic destabilization. Over the years, the IMF has cultivated the image of an institution whose masterminds coolly dispense effective economic remedies, but the Asian flu nearly proved too much for the doctors to handle. As markets were sinking and defaults looming, the guardians of global financial stability - IMF officials together with their overseers in the Group of Seven major industrial countries - were often floundering, improvising, feuding among themselves and striking messy compromises. In a world where capital flowed across national borders in much more massive quantities than ever, they were woefully ill-equipped to combat these virulent new strains of investor panics."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Physical Description:xvi, 431 pages ; 25 cm
Bibliography:Includes bibliographical references and index.
Author Notes:Paul Blustein, a staff writer at The Washington Post, has covered business and economic issues for more than twenty years. He reported on the global financial crisis of the late 1990s for the Post and served as one of its correspondents in Asia from 1990 to 1995. A graduate of the University of Wisconsin and a Rhodes Scholar at Oxford University, he has also worked at Forbes and The Wall Street Journal, and he is a recipient of the Gerald Loeb Award, the most prestigious honor in business journalism. He lives in Bethesda, Maryland