CONTENTS Preface ix One The Next Great Globalization: A Force for Good? 1 Part One Is Financial Globalization Beneficial? TwoHow Poor Countries Can Get Rich: Strengthening Property Rights and the Financial System 19 Three Financial Development, Economic Growth, and Poverty 36 Four When G/obali^ation Goes Wrong: The Dynamics of Financial Crises 49 Part Two Financial Crises in Emerging Market Economies Five Mexico, 1994-1995 71 Six South Korea, 1997-1998 85 Seven Argentina, 2001-2002 106 Part Three How Can Disadvantage*! Nations Make Financial Globalization Worh for Them? EightEnding Financial Repression: The Role of Globalization 129 Nine Preventing Financial Crises 137 Ten Recovering/rom Financial Crises 164 Part Four How Can the International Community Promote Successful Globalization? Eleven What Should the International Monetary Fund Do? 175 Twelve What Can the Advanced Countries Do? 200 Part Five Where Do We Go from Here? Thirteen Getting Financial Globalijation Right 211 Notes 221 References 277 Acknowledgments 305 Index307