<p> <br/></p><p>Introduction <br/>The role of finance in recent global expansion <br/>Expansion and crisis in the United States <br/>The subprime boom and bust <br/>The policy response and prospects<br/>Capital flows and vulnerability in Asia <br/>Lessons from the 1997 crisis <br/>Capital flows <br/>Credit, asset and investment bubbles <br/>Current account balances, exchange rates and reserves <br/>Capital account measures<br/>External shocks and policy options in Asia <br/>Growth prospects: projections and beyond <br/>Financial contagion and shocks <br/>Trade linkages and growth in Asia <br/>Policy challenges<br/>Conclusions</p>