European Exchange Rate Mechanism
A comparison of the stylized facts observed during sudden stop episodes in emerging market economies and developed countries on the financial crises of the 1990s relate sudden stops in emerging market and advanced economies with the presence of contagion effects. Most sudden stop episodes for emerging markets occur around the Tequila (1994), East Asian (1997) and Russian (1998) crises. In the case of developed economies, sudden stop episodes occur around the European Exchange Rate Mechanism (ERM) (1992–1993) crisis.