Draw an expanded version of Figure 18.1 (the outline of a typical financial crisis on page 554) for emerging economy crises. Your chart should include capital flight and show how this phenomenon and its consequences interact with the other elements common to a financial crisis.

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Waalth deches incertanty ises Fims eanigstall; demand far rad estaa fall. and inestmnt Asset prias fal later al Lendng alls fals s in recessON FiNeS and Cusumers Finanozl nsttutions fail Tower bar ks reman knks teome more Bark revenue fills; loar aefaiits rie.