Ahrend, Rudiger; Goujard, Antoine; Schwellnus, Cyrille - Economics Department, Organisation de Coopération et … - 2012
integration has been a major vector of contagion, and even more so when cross-border bank lending was primarily short …-term. Vulnerability to contagion has been lower when global liquidity has been abundant, underlining the importance of major central banks …, typically through their effects on the composition of the external financial account or on the vulnerability to contagion …