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This paper reviews the explanations and the consequences of the Asian crisis. Two major competing explanations are identified. These place the roots of the crisis either in the affected economies or within the international capital market. We locate these explanations within alternative paradigms about the effectiveness of market coordination. The consequences of the crisis are discussed in terms of the impact on unemployment and poverty, growth and trade. The role of the International Monetary Fund is also considered and its evaluation is shown to depend on which model of explanation is thought most plausible. A number of concluding comments complete the discussion.
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