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It is perhaps the first serious international financial crisis touched off by cross- border flight of portfolio capital. Selling by international portfolio managers had a
It is perhaps the first serious international financial crisis touched off by cross- border flight of portfolio capital. Selling by international portfolio managers had a highly destabilizing, contagious effect on the world financial system. 0 It provides a cautionary tale that as the world's financial markets are becoming more integrated, this type of contagious financial crisis is likely to occur more often. 0 All of the above
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