In the late 1990s, economic and financial crises raged through East Asia, devastating economies that had previously been considered among the strongest in the d

In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However

In recent years we have seen a growing number of banking and financial crises in emerging market countries, with great costs to their economies. But we now have

Recurrent crises in emerging markets and in advanced economies in the last decades cast doubt about the ability of financial liberalization to meet the aims of

In recent years we have seen a growing number of banking and financial crises in emerging market countries, with great costs to their economies. But we now have