Capital market crises: liberalisation, fixed exchange rates and market-driven destabilisation
认为外部金融危机并非由私人部门利用公共部门愚蠢行为（如不可持续的财政赤字或道德风险）造成，而是当政策与环境提供前提且监管当局默许时，私人部门（国内外）为获取短期利润而采取去稳定化行动的结果，并讨论了当前全球宏观经济环境下的政策选择，特别是国际货币基金组织在东亚的适得其反的干预。
External financial crises are not caused by an alert private sector taking advantage of the public sector's foolish actions such as running an unsustainable fiscal deficit or creating moral hazards. They are better described as private sectors (both domestic and foreign) acting to make destabilizing short-term profits when policy and circumstances provide the preconditions and the regulatory authorities acquiesce. Policy alternatives are discussed in the present global macroeconomic environment, in particular the counter-productive interventions of the International Monetary Fund in East Asia. Copyright 1998 by Oxford University Press.