A prominent feature of the financial crises that have engulfed emerging market economies in recent years-the Mexican crisis of 1994-95, the Asian crisis of 1997, and the Russian crisis of 1998-as well as of the earlier ERM crisis of 1992-93 which directly involved European industrial countries, was the spread of difficulties from one economy to others in the same region and beyond in a process that has come to be referred to as "contagion." The frequency and intensity of these crises have been of growing concern. Policymakers and academics have increasingly wondered about the nature of these crises, the factors responsible for their spread, and, particularly, whether a country with seemingly appropriate domestic and external fundamentals can suffer a crisis because of contagion
Bibliography
Includes bibliographical references (pages 36-39)
Notes
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