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1. Lessons of developing country crises

   • The importance of contagion.
   • The proper sequence of reform measures.
   • The central importance of bank
   • Choosing the right exchange rate regime

2. The world’s economies

   • low-income economies
   • lower middle-income economies
   • Upper middle-income economies
   • High-income economies

3. Alternative Forms of Financial Inflow

   • Foreign direct investment.
   • Portfolio investment in ownership of firms.
   • Official lending
   • Bank finance.
   • Bond finance

4. Policy trilemma for open economies

   • Stability in the exchange rate
   • Free movement of capital
   • Independence in monetary policy