International Financial Contagion

Inbunden, Engelska, 2001

AvStijn Claessens,Kristin Forbes,Stijn Claessens,Kirsten Forbes

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Within less than two years, a currency crisis that began in Thailand had spread throughout East Asia, Russia, and Brazil, affecting developed economies as well as emerging markets around the world. The scope and virulence of this international financial contagion was completely unexpected. In an attempt to better understand these events, a group of leading economists from international institutions, academic universities, and the private sector gathered at a conference sponsored by the International Monetary Fund, World Bank, and Asian Development Bank. This book presents a selection of the papers given at this conference, serving as a volume describing financial contagion. It includes survey articles and policy discussions, as well as detailed theoretical models and empirical analyses. Topics range from how to define contagion, to the relative importance of real versus financial linkages, to what policies could reduce contagion in the future. Many of the chapters perform empirical tests attempting to explain why crises spread, either by focusing on a specific transmission channel or an individual country or region.

Produktinformation

Utgivningsdatum2001-05-31
Mått155 x 235 x 31 mm
Vikt881 g
FormatInbunden
SpråkEngelska
Antal sidor466
Upplaga2001
FörlagKluwer Academic Publishers
ISBN9780792372851

Tillhör följande kategorier

I: Overview: The Theory and Empirics of Contagion.- 1. International Financial Contagion: An Overview of the Issues and the Book.- 2. Contagion: Why Crises Spread and How This Can Be Stopped.- 3. Measuring Contagion: Conceptual and Empirical Issues.- 4. The Channels for Financial Contagion.- II: Specific Mechanisms Driving Contagion.- 5. Crisis Transmission: Evidence from the Debt, Tequila and Asian Flu Crises.- 6. Flight to Quality: Investor Risk Tolerance and the Spread of Emerging Market Crises.- 7. Mutual Fund Investment in Emerging Markets: An Overview.- 8. Portfolio Diversification, Leverage, and Financial Contagion.- III: Case Studies of Contagion.- 9. Thai Meltdown and Transmission of Recession within the ASEAN4 and NIE4.- 10. Financial Contagion in the East Asian Crisis: With Special Reference to the Republic of Korea.- 11. The Russian Default and the Contagion to Brazil.- 12. Contagion of International Financial Crises: The Case of Mexico.- 13. Financial Market Spillovers: How Different are the Transition Economies?.- 14. Are Financial Crises Becoming More Contagious?: What is the Historical Evidence on Contagion?.- IV: Implications for Policy and the International Financial Architecture.- 15. International Contagion: Implications for Policy.- 16. International Financial Reform: Regulatory and Other Issues.- V: Original Conference Program.

'It is difficult to avoid being impressed by the very high level of quality in this research collection. For those who attended the conference meetings, this comes as no surprise since the atmosphere was wonderfully dynamic and full of tough give and take. That flavor is not lost in this more formal rendition. Before this conference, very little was available in this area. Policy makers, policy research departments and students of emerging-market finance will find a wealth of information in this book. They will also find some answers, plenty of controversy, and lots of open questions.' Rudiger Dornbusch, Massachusetts Institute of Technology