Financial and currency crises: An overview

Financial and currency crises, especially those of East Asia, have by now r egistered as salient events in the recent history of the world economy. In particular, the crises have awakened development experts and policy makers to the heretofore latent downside of globalisation, despite its many potent ial benefits. This article provides an overview of the papers published in the current volume. The overview focuses on: (i) capital flow volatility, p aying particular attention to the 'capital inflow problem'; (ii) the issue of bank runs in Sub-Saharan Africa (Africa), with emphasis on the importanc e of accountability in the regulatory environment; (iii) the Asian financia l crisis, drawing special lessons for African countries; and (iv) the globa l financial crisis, with focus on the implications for the African region.