BIS Review 30/1999  2  impressive, if controversial, empirical work,4 theirs was very much a minority view in the early 1960s.
The quantitative picture of the web of international financial linkages will be amplified later this afternoon by three contributions highlighting “International contagion in financial markets”. Contagion has become an issue after the Asian financial crisis. To define contagion is not a trivial issue. Did countries suffer from crises in other economies because they were fundamentally in a similar position?