Financial stress reached unprecedented levels in 2008. This column presents a new IMF financial stress index and puts the current crisis into historical perspective. It also shows that bank-lending linkages appear to be the main driver of the transmission of stress. International financial integration brings both opportunities for growth and risks of contagion.
Stephan Danninger, Ravi Balakrishnan, Selim Elekdag, Irina Tytell, 27 April 2009
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