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Working Paper 42 - Global Financial Crisis: Implications and Lessons for Africa
The global financial system has witnessed rapid growth and substantial structural change during the last ten years leading to globalisation of financial markets. The integration of financial markets has accentuated the rapid flow of capital across borders as well as magnified the contagious effects of financial crisis with wide implications for transmission of financial policies on the domestic economy and internationally. The recent financial crisis which originated in East and South East Asia (hereafter Asia) and transformed into a global crisis is a case in point. At no time since the depths of the LDC debt crisis of the 1980s has the outlook for emerging markets appeared so bleak. Economic outlook in Asia and its financial crisis appears destined to last well into 1999, and the world faces the prospects of weaker growth.