Spillovers effects, from one country or region to other countries and regions, have attracted renewed attention in the aftermath of the Mexican crisis of December 1994. This paper uses data on closed-end country funds to study how a negative shock in Mexican equities is transmitted to Asia and...

Until mid-1997, the tigers of Southeast Asia were the envy of the economic kingdom. So what happened? It's not a simple "tail" to tell.

This exploratory issue paper begins with a statement by Joseph Stiglitz, Nobel Laureate in Economic Sciences, which outlines what a well-functioning global financial system would achieve, followed by his dry statement that the current global financial system does none of these things. The paper...