Introduction
The inter linkages of the international finance systems cannot be denied nor overemphasized. A movement in one major stock market signals either a threat or an opportunity in another stock market. For instance, a boom in the New York Stock Exchange will also signify the upbeat in the other foreign stock markets such as in Asian and Latin American markets. Conversely, the fall of the U.S. housing markets led to the credit crunch felt by most financial centers in the U.S., Great Britain, and other European markets. Hence, any threat to the global financial market may mean a single threat to the ...