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The authors' earlier work on financial crises suggested that economies behave differently on the eve of crises (see Kaminsky and Reinhart, 1996). Typically, financial crises occur as an economy enters a recession that follows a prolonged boom in economic activity fueled by credit creation and surges in capital inflows. The cycle of overlending is exacerbated by implicit or explicit deposit guarantees, poor supervision, and moral-hazard problems in the banking sector. Crises are accompanied by an overvaluation of the currency, weakening exports, and the bursting of asset price bubbles. In this paper, the authors extend that work by analyzing the extent to which past crises share common characteristics in Latin America, Asia, Europe, and the Middle East. In addition, the authors examine the recent crises in Asia and in Latin America to determine whether the considerable regional differences that they find for the earlier sample have eroded. [ABSTRACT FROM AUTHOR]

The article focuses on the economic consequences of World War II on East Asian countries. The war introduced a large number of structural and economic changes in the economies of the Far Eastern countries including Australia, Japan, and Malaya. The region has experienced changes in the distribution of industrial capacity and output, dislocation in the production pattern of agriculture and raw materials, dislocation of trade, migration, changes in labor supply, and disorganization of public fiances during the war. It is noted that these changes should be considered by economists while conducting an economic analysis of these countries.

The article focuses on the postwar trade relations in the Far East. This is a difficult issue to discuss. The entire Far East, excepting the Soviet Far East, Free China, a part of Burma and New Guinea, is blanketed under enemy control. Far less information escapes through the blockade and censorship surrounding the Japanese-controlled Far East than leaks out Nazi Europe by one means or another. Moreover, in projecting the economic future of the Far East, economists are up against political imponderables that are difficult for a Westerner to evaluate. Problems of the Far East are linked with the general problems of world security and economic stability. In an expanding world economy, China may secure the foreign capital goods, which she will require; and Japan the overseas markets, which will be essential to her postwar recovery. The spirit and character of the initial measures of rehabilitation taken by the United Nations after the war, and the larger framework of reconstruction into which they develop will tend to set the mold within which will develop the future economic relations of the Far East.

Professor C.F. Remer of University of Michigan refers to a matter of the utmost importance; namely, that economic development in the Far East must be considered in its political and social environment. In emphasizing this view, attention is given somewhat more specifically to the interrelations between economic and political and social factors. Economists interested in foreign economic development must be concerned not merely with the political and social setting within which such matters as changes in the standard of living and national income are determined, but with the influence of these changes on political and social organization. In the case of a country such as China, economists may hope for the accomplishment of three major objectives: the achievement of a rising national income; an increase in the standard of living of people generally and the establishment of economic conditions which will contribute internally toward democracy and social unity, and externally toward international collaboration.

This article presents the list of books on the topic transportation and communication. Some of the books are "The Economics of Air Mail Transportation," by P.T. David, "Communications in the Far East," by F.V. De Fellner, "The Illinois Central Railroad and its Colonization Work," by P.W. Gates, "Transit Unification and Interborough Rapid Transit Company, Manhattan Railway Company, Brooklyn-Manhattan Transit Corporation," by B.L. Weissman, and "A Hundred Years of Inland Transport, 1889-193," by C.E.R. Sherrington.