... December 3, 1998 Volatility and Contagion in a Financially-Integrated World: Lessons from East Asia’s Recent Experience By Pedro Alba * , Amar Bhattacharya * , Stijn Claessens * ... by spillovers from nearby countries. Differences between countries, both in degree of vulnerability and depth of crisis, support this conclusion. The paper concludes with some lessons for other ... outside the region. Indeed, in many ways lessons to be applied elsewhere regarding the appropriate adjustment to large capital inflows have been drawn from the experiences of East Asia. Countries...