منابع مشابه
Financial globalization, financial crises and contagion
Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing and mortgage-backed-securities markets had worldwide effects on financial institutions and asset market...
متن کاملComment on Peckham: contagion-epidemiological models and financial crises.
A number of contradictory metaphors are interwoven with network culture. Perhaps the most striking is the computer scientist Tim Berners-Lee’s image of a spider’s web, which is used to represent the open interstices of communication, but also raises questions about network vulnerability. For example, is being on the web tantamount to the experience of a spider or a fly? Indeed, the World Wide W...
متن کاملContagion and Trade: Why Are Currency Crises Regional?
Currency crises tend to be regional; they affect countries in geographic proximity. This suggests that patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. We provide empirical support for this hypothesis. Using data for five different currency crises (in 1971, 1973, 1992, 1994, and 1997) we show that currency c...
متن کاملContagion Phenomena in Financial Crises: Evidence from the Portuguese and Spanish Exchange Rate Crises in the Early 1990s
Based on the experience of the Portuguese and Spanish financial crises in the early 1990s, this paper suggests that the spillover of exchange rate crises may reveal a particular dimension of the financial contagion effect: the presumption of mimetic behaviour by monetary authorities. This paper analyses the evolution of the credibility of the Escudo and the Peseta. We set out to test the existe...
متن کاملThe Contagion Effects of Financial Crises on Stock Markets of Developed Countries
This study makes an innovative approach, since it applies a set of diversified tests, which have not been used on a joint basis until now, in order to study the contagion effects of financial crises in the stock markets of developed countries. This is particularly important due to the fact that existing literature has so far failed to adequately address the effects of financial crisis on the st...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2000
ISSN: 0022-1996
DOI: 10.1016/s0022-1996(99)00040-9