He did this after the 1987 stock crash, the Gulf War, the Mexican peso crisis, the Asian financial crises and the failure of one of the largest hedge funds.

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On August 15th the Hong Kong Monetary Authority pushed interbank rates up to levels not seen since the Mexican peso crisis in 1995, to counter what it said was a speculative attack on the Hong Kong dollar.

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Instead of the sweeping proposals that have been championed since the Mexican peso crisis of 1994, Mr Eichengreen proposes a series of reforms, at both the national and multilateral level, to deal with the most pernicious problems of global capital flows.

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Early in the year came the near collapse of the entire Mexican financial system, later known as the peso crisis.

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Furthermore, even though emerging markets wobbled in May and June, there was nothing like the panic (nor the wider economic impact) seen in 1994-95 after the Mexican peso devaluation, or in 1997-98, with the Asian crisis.

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In addition, Asia paid close attention to the Mexican crisis of 1994-95, when the peso lost half its value in a matter of weeks.

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