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The Economic Journal, 112 (November), F566–F607. Royal Economic Society 2002. Published by Blackwell Publishers, 108 Cowley Road, Oxford OX4 1JF, UK and 350 Main Street, Malden, MA 02148, USA. BOOK REVIEWS International Financial Contagion. Edited by CLAESSENS (STIJN) and FORBES (KRISTEN J.). (Dordrecht and London: Kluwer Academic Publishers, 2001. Pp. viii+466. £ 94.50 hardback, US $135.00 hardback. ISBN 0 7923 7285 9.) Contagion in Financial Markets. By SELL (FRIEDRICH L.). (Aldershot and Lyme, NH: Edward Elgar, 2001. Pp. xvi+225 £55.00 hardback. ISBN 1 84064 564 4.) Emerging market economy financial crises in recent years have often quickly spread to other countries. Several aspects of these ‘contagious crises’ are partic- ularly intriguing. Why do some crises spread quickly and widely, while others are constrained to a narrow group of countries? How is financial distress transmitted across countries? Are these spillover channels changing through time? Do crises spread purely to countries with existing vulnerabilitites or do crises open up new fault lines? And can (or should) individual countries or the international com- munity do anything to limit the potential for shocks to have harmful effects else- where? These two books examine these key questions and aim to provide a better understanding of how crises can be propagated. International Financial Contagion is a collection of papers presented at a confer- ence on ‘International financial contagion: how it spreads and how it can be stopped’ that took place at the International Monetary Fund in February 2000. It brings together representatives from International Institutions and private sectors, and leading academics to examine these questions. The book is divided into four sections: overview, specific mechanisms driving contagion, case