9  For example, the urbanization ratio in Canada increased from 75.61 per cent in 1975 to 77.68 per cent in 1995 and 81.65 per cent in 2014. New Zealand is the most urbanized country in the sample; its ratio was already above 80 per cent in 1975.
During the Asian Financial Crisis, the rampant speculations of hedge funds caused large capital inflows and subsequent reversal in these countries, which exacerbated their economic woes. People in these countries were shocked, and disgusted by these speculative attacks. Afterwards, many suggested that unregulated predatory speculation caused the crisis, and appropriate international regulation was needed.