Question：One of the consequences of the globalisation of the financial markets has been increased volatility in capital flows, especially in emerging markets. One feature of this has been the instability which occurs when crisis in one country spills to other country.
　　What is the phenomenon whereby crisis spreads from one country to another called?
　　A. Financial contagion
　　B. Financial liberalisation
　　C. Portfolio risk
　　D. Depositor runs
　　The correct answer is: Financial contagion.
　　This was witnessed in the second half of the 1990s when the collapse of Thailand's currency triggered crises in other Asian emerging markets.
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