Hello i need a 2 page summary of the attached document

Thank you

SUMMARY: Contagion and trade: Why are currency crises regional? By Reuven Glick, Andrew K. Rose This research paper focuses on currency crises which it strongly believes to be regional and affects countries in geographic proximity. It suggests that patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. The paper significantly shows that currency crises affect clusters of countries tied together by international trade. Moreover, it depicts how, macroeconomic and financial influences are not closely associated with the cross-country incidence of speculative attacks. According to the research, currency crises that has greatly hit different parts of the word occurs due to phenomena that are normally supernatural and also man made. Giving examples extreme climatic conditions, diseases, earthquakes and other geological activities occurring at different regions have a great significance in causing currency crises. The paper highlights three great and significant waves that have caused regional currency crises over the past decade. The wave of speculative attacks that hit the European Monetary System and its periphery: The Mexican peso which was attacked in late 1994 and floated shortly after an unsuccessful devaluation: And The \"Asian Flu\" that began with continued attacks on Thailand in the late spring of 1997 and continuing with flotation of the baht in early July 1997, are the key aspects that has successfully been used to show how Currency Crises has been Regional. Another aspect highlighted about currency crises is that it tends to be 'contagious'. This is because countries are linked by trade, and trade tends to be regional. Therefore once Thailand floated the baht, its main trade competitors (Malaysia and Indonesia) were suddenly at a competitive disadvantage, and so were themselves likely to be attacked. Thus the spread of currency crises reflects international trade patterns. Countries who trade and compete with the targets of speculative attacks are themselves likely to be attacked. The author (Rose) has presented persuasive empirical evidence which confirmed that trade linkages are the primary channel through which currency crises spread. Using data from five recent waves of speculative attacks (in 1971, 1973, 1992, 1994-5, and 1997), Rose estimated equations which predicted the probability of a crises and the strength of pressure on the exchange rate, as functions of trade variables and macroeconomic variables. Rose has also presented empirical evidence that systematically assesses the role of trade linkages as a channel for contagion. Using data for a number of different currency crises episodes, Rose has demonstrated that currency crises affect clusters of countries tied together by international trade. This linkage is important in understanding the regional nature of speculative attacks. Perhaps more importantly, this linkage allows one to understand the order of speculative attacks. Once Finland had floated the markka in 1992, Sweden, as Finland's most important trading partner, was next in line. And after Sweden was attacked, the crises logically spread South in turn to Sweden's competitors, Denmark. The regression results are consistent with the hypothesis that currency crises spread because of trade linkages. That is, countries may be attacked because of the actions (or inaction) of their neighbours, who tend to be trading partners merely because of geographic proximity. This externality has important implications for policy. If this effect exists, it is a strong argument for international monitoring. A lower threshold for international and/or regional assistance is also warranted than would be the case if speculative attacks were solely the result of domestic factors. In trying to model 'contagion' in currency crises, Rose has not ruled out the possibility of (regional) shocks common to a number of countries, nor has he attempted to study the timing of currency crises. Instead, his research is designed to show that, given the occurrence of currency crises, the incidence of speculative attacks across countries is linked to the importance of international trade linkages. That is, currency crises spread along the lines of trade linkages, after accounting for the effects of macroeconomic and financial factors. Indeed macroeconomic factors do not consistently help much in explaining the cross-country incidence of speculative attacks