1. What are the two basic causes of financial crises in emerging market economies? 2. Discuss the role played by the quality of domestic institutional arrangements in the process of financial liberalization for emerging market economies ? 3. Why might severe fiscal imbalances lead to financial crises in emerging market economies? 4. Starting in 2005, Uruguay encouraged the denomi-nation of both sovereign and private debt in the domestic currency. Which type of problem commonly associated with financial liberalization do you think this policy was trying to solve