Motivated by recent financial crises, a large number of theoretical and empirical studies are attempting to understand how financial market shocks get transmitted across countries. Some of this research takes the form of large cross-country, studies aiming to assess the importance of "contagion" effects.2 Other studies focus on regional spillovers around a single event, mainly in Asia and Latin America.3 This paper takes a closer look at the experience of transition economies, documenting spillover patterns and attempting to draw policy lessons from them.4
Bibliography
Includes bibliographical references (pages 55-58)
Notes
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