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Description of  Financial Integration and Macrofinancial Linkages in Asia: Crises, Responses, and Policy Considerations

The Asian financial landscape has become more interconnected over the past 2 decades. Previous financial crises have proven how volatility can transmit rapidly across an interconnected financial network. Moreover, empirical analyses have shown how it can reverberate across the macroeconomy. With a summary of lessons from past financial crises, this report also analyzes the impact of deeper financial integration on economic vulnerability.