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International Financial Contagion Daniel W Dann traf ich ihn zufälligNo sooner had the Asian crisis broken out in 1997 than the witch hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that most prominently contagion but also the decline in exports of the new commodities (high tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been