What is currency crisis (or financial crisis)? What are the major stages of a financial bubble? Use one example (Mexican peso crisis, Asian financial crises, .Argentine financial crisis, or 2008 financial crisis) to illustrate these stages. What major causes can you identify for the financial crises during the last decade? 1 low does the "Mundel Trilemma" (or the "unholy trinity", pp. 255-257) create challenge to policy options? Facing a financial crisis, what can the IMF and the affected state do to alleviate the crisis? What lessons can be learned from the past financial crises?