Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, p

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

It must be admitted that in modern economies, financial systems play an important role in allocating scarce resources, helping channel individual or household s

When Mexico's peso crisis occurred in December 1994, all of Latin America experienced the 'tequila effect'. In January 1998, after seven months of financial tur

Financial globalisation has been a dynamic element in recent years, with large capital flows to a number of emerging economies in Latin America and Asia often b