CONTENTS Jack Boorman, Timothy Lane, Marianne Schulze-Ghattas, Ales Bulit, Atish R. Ghosh, Javier Hamann, Alex Mourmouras, and Steven Phillips Managing financial crises: the experience in East Asia Thomas D. Willett Managing financial crises: the experience in East Asia A comment Michael D. Bordo and Anna J. Schwartz Measuring real economic effects of bailouts: historical perspectives on how countries in financial distress have fared with and without bailouts James M. Boughton Historical perspectives on financial distress A comment Franklin Allen and Douglas Gale Optimal currency crises Nancy P. Marion Optimal currency crises A comment Enrique G. Mendoza and Martin Uribe Devaluation risk and the business-cycle implications of exchange-rate management Charles W. Calomiris Devaluation risk and the business-cycle implications of exchange-rate management A comment Allan Drazen Interest-rate and borrowing defense against speculative attack Sergio Rebelo Interest rate and borrowing defense against speculative attack A comment Michael P. Dooley International financial architecture and strategie default: can financial crises be less painful? ae