The globalization process has made financial markets more integrated, enhancing the mobility and speed of international capital flows and facilitating access to capital for emerging markets. In this context, developing countries with capital deficits have gained the opportunity to access sufficient amounts of international capital under favorable conditions through their advanced financial markets.

However, despite these positive developments, financial markets have become more fragile. This process has made it possible for crises to spread rapidly from one country to another. Consequently, while the development of financial markets can benefit a country during positive conditions, it can lead to adverse outcomes in unfavorable circumstances. Countries must focus on strengthening their financial markets against risks. To this end, this study addresses the measures necessary to control contagion risk and enhance the resilience of emerging markets to such crises.

The high level of interconnection among financial markets has led to changes in investors' risk perceptions, sudden capital outflows, and the domino-like spread of crises. The book provides a detailed analysis of the effects of these processes on emerging markets.

Furthermore, the book explores the transmission mechanisms and dynamics of contagion effects while addressing systemic risks, investor behavior, and the propagation of market shocks faced by emerging markets. In conclusion, it is essential to strike a balance between the advantages brought by increased capital flows and the risks they entail.