Financial integration among industrialized nations grew substantially during the 1980s and 1990s, as did liberalization of their capital accounts. Integration among financial markets and banks rendered benefits such as greater productivity and the broad sharing of risk in the macroeconomy. The resulting interdependence also carried a substantive cost in terms of shared vulnerabilities and increased exposure to systemic risks. Accompanying financial integration in recent decades was a succession of deregulation, in which countries increasingly abandoned regulations over the behavior of financial intermediaries and simplified requirements of disclosure to the public and to regulatory authorities. As economies became more open, nations became increasingly exposed to external shocks. Economists have argued greater worldwide financial integration has resulted in more volatile capital flows, thereby increasing the potential for financial market turbulence. Given greater integration among nations, a systemic crisis in one can easily infect others. The 1980s and 1990s saw a wave of currency crises and sovereign defaults, including the 1987 Black Monday stock market crashes, 1992 European Monetary System crisis, 1994 Mexican peso crisis, 1997 Asian currency crisis, 1998 Russian financial crisis, and the 1998–2002 Argentine peso crisis. These crises differed in terms of their breadth, causes, and aggravations, among which were capital flights brought about by speculative attacks on fixed exchange rate currencies perceived to be mispriced given a nation's fiscal policy, self-fulfilling speculative attacks by investors expecting other investors to follow suit given doubts about a nation's currency peg, lack of access to developed and functioning domestic capital markets in emerging market countries, and current account reversals during conditions of limited capital mobility and dysfunctional banking systems.