Financial Globalization, Financial Crises and Contagion
---- Acknowledgements -----
This paper was prepared for the Carnegie-Rochester Conference on Public Policy held April 17-18, 2009 at the University of Rochester. We would like to thank Gian Luca Clementi for discussing the paper and providing us with insightful comments. We also thank conference participants, as well as Frank Warnock and Luis Cespedes, for their comments and suggestions. Financial support from the National Science Foundation is gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.