CEPA Center for Economic Policy Analysis The Three Routes to Financial Crises: The Need for Capital Controls Gabriel Palma (Cambridge University) CEPA Working Paper Series III International Capital Markets and the Future of Economic Policy A Project Funded by the Ford Foundation Working Paper No. 18 November 2000 Center for Economic Policy Analysis New School for Social Research 80 Fifth Avenue, Fifth Floor, New York, NY 10011-8002 Tel. 212.229.5901 ! Fax 212.229.5903 www.newschool.edu/cepa