A revised version appear as: “Exorcising Asian Debt: Lessons from Latin American Rollovers, Workouts, and Writedowns,” in Deepak Dasgupta, Uri Dadush, and Marc Uzan, eds., Private Capital Flows in the Age of Globalization: The Aftermath of the Asian Crisis (Northhampton, MA: Edward Elgar Publishing, 2000), pp. 105-139. EXORCISING ASIAN DEBT: LESSONS FROM LATIN AMERICAN ROLLOVERS, WORKOUTS, AND WRITEDOWNS Vinod K. Aggarwal Berkeley APEC Study Center 802 Barrows Hall, #1970 University of California Berkeley, California 94720-1970 Tel.: 510-642-2817 Fax: 510-643-1746 Email: vinod@socrates.berkeley.edu JULY 1998 An earlier version of this paper was presented at a conference on “The Aftermath of the Asian Crisis,” Washington, D.C., May 13-14. I am grateful to Trevor Nakagawa, Paul Dosh, Kun-Chin Lin, and Keith Nitta for their valuable research assistance and comments on this paper. Moonhawk Kim and Jonathan Tsao helped to gather empirical material for this paper.