No abstract

No abstract

This paper suggests, first, that a simple theoretical framework is useful in explaining financial crises in emerging economies. Second, it reviews the East Asian financial crises of 1997-98 . Third, the paper examines the origins of Argentina's crisis of 2001-02. Fourth, it presents a comparative analysis of both crises, highlighting their similarities and differences. Finally, the conclusions point out the drawbacks of both hard and soft pegs respective to a single foreign currency as well as the need for emerging economies to use capital controls in order to avoid the recurrence of financial crises.

SummaryApart from China, there are two other large energy consumers in North-East Asia: Japan and South Korea. These economies, which belong to the OECD, are highly dependent on imports (which account for over 80% of domestic consumption in both cases), especially oil and natural gas. In recent years their energy security has been subject to serious threats. This Working Paper briefly addresses the position and energy forecasts for the two countries. It proceeds to analyse the strategic responses of Tokyo and Seoul to the deterioration (whether perceived or real) of their energy security, highlighting the strengths and weaknesses of each approach. Finally, the paper details some of the lessons that other countries which are highly dependent on energy imports might learn from the experience of Japan and South Korea.

No abstract