What are the effects of financial integration on global comovement? Using a standard two-country DSGE model, I show that in response to country-specific supply shocks higher exposure to foreign assets leads to lower cross-country output correlations, while the opposite is true for...

chapter 1 Introduction -- part Part I The Asian Crisis -- chapter 2 Toward a Problematization of the Asian Crisis -- chapter 3 Understanding Asia's Crisis -- chapter 4 What Happened to Asia? -- chapter 5 The East Asia Crisis: How IMF Policies Brought the World to the Verge of a Global Meltdown...