Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in emerging-market economies: The definitions and theoretical models of currency crises, the causes, management and propagation (contagion effect) of crises, their economic, social and policy consequences, the role of international financial institutions, and crisis prevention. In addition, five case studies of currency crises in Central and Eastern Europe are presented. Thirteen papers offer a fresh empirical perspective and arguments to the ongoing policy debate on the causes of currency crises and their economic, social and political consequences. While most recent empirical studies have focused on Latin America and Asia, the main objective of this volume is to expand this analysis to the transition countries of Central and Eastern Europe and the former Soviet Union. Although a number of transition economies experienced episodes of currency crashes and financial instability in late 1990s, their experience has been less closely examined in the literature than that of Mexico, Argentina and Korea. Using this additional empirical input the existing theoretical models and accumulated empirical observations have been re-examined, and policy conclusions and recommendations proposed by other authors re- evaluated. Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in emerging-market economies: The definitions and theoretical models of currency crises, the causes, management and propagation (contagion effect) of crises, their economic, social and policy consequences, the role of international financial institutions, and crisis prevention. In addition, five case studies of currency crises in Central and Eastern Europe are presented. Thirteen papers offer a fresh empirical perspective and arguments to the ongoing policy