So the first stage of the debate, following the crisis, had an almost surrealistic air about it, with the IMF pressing at its Annual Meeting in Hong Kong at the end of 1997 to add capital account deregulation to its mandate, at the very moment when the excessive inflows and reversals had been shown to be so damaging.
The wider debate on globalisation is, of course, very relevant. One recent contribution (Friedman 1999) provides useful terminology.