ABSTRACT
The most recent fi nancial crisis originating in the United States has attracted considerable attention from policymakers, economists, and the fi nancial media. The crisis was a massive failure of the banking system that affected all corners of the fi nancial markets and real sectors in various countries. Its impacts have been transmitted worldwide; however, they are relatively country specifi c depending on the intensity of fi nancial linkages with the crisis-hit countries.
