Crisis spillovers in emerging market economies: Interlinkages, vulnerabilities and investor behaviour
نویسندگان
چکیده
Many emerging market economy (EME) financial crises in the 1990s quickly spread to other countries. By contrast, immediate spillovers from the Argentina crisis in 2001/2002 appear to have been much more limited. Why do some crises spillover and others do not? In this paper we stress the joint importance of intra-EME linkages, related country-specific vulnerabilities and investor behaviour. This framework provides insights into the reasons for different spillovers in two case studies—Asia 1997/1998 and Argentina 2001/2002. It also highlights the need for further analysis of the less easily measurable elements of the framework, in particular changes in investor behaviour.
منابع مشابه
Summary of the discussion
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