The two way trade (merchandize exports plus imports) as a proportion of GDP doubled from 20 per cent in 1998/99, just after the Asian crisis, to 41 per cent in 2008/09. Our financial integration was even deeper as measured by the proportion of total external transactions (gross current flows plus gross capital flows) to GDP.
This ratio much more than doubled from 44 per cent in 1998/99 to 112 per cent in 2008/09. While the crisis transmitted  1  Philip R. Lane and Gian Maria Milesi-Ferretti (2006), “The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004”, Working Paper WP/06/69, International Monetary Fund.