My interest in hedge funds in emerging markets was sparked by my involvement in the Study Group on Market Dynamics, which reported to the Financial Stability Forum Working Group on Highly Leveraged Institutions, in 1999. At the time I was Chief Manager, International Markets and Relations, at the Reserve Bank of Australia, a position I left when I became Professor of Economics at the Australian National University in January 2000.

Much of the information used in this book was collected at that time, in visits to Auckland, Hong Kong, Johannesburg, Kuala Lumpur, New York, Singapore, Sydney and Wellington. A lot of important information was also gathered after that, in visits as an academic to Bangkok, Singapore and Tokyo and in subsequent conversations with market participants and oficials.

It is important to stress at the outset that I have not used confidential information collected while I was a central bank official or discussed official meetings in this book. I have consulted widely with officials from relevant national and international authorities about the material presented here, and I am confident that I have not breached any commercial or official confidence. This is not intended to implicate these people; not everyone I consulted necessarily agrees with my analysis and views.