Globalisation and capital mobility also makes the international system more vulnerable to changes in investor sentiment. On several occasions we have witnessed contagion effects spreading from one country or one market to others.
Some of these crises originated in the public sector, such as the debt crisis during the 1980s, which started with Poland and Mexico and spread to Latin America, Africa, the Middle East and the Soviet Union, the Mexican crisis in 1994, the Asian crisis in 1997/1998, the Russian crisis in 1998, and the more recent crises in Brazil, Argentina and Turkey.