What Is International Financial Contagion?

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115 citations0/0 files storedInternational Finance

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Global Financial Crisis and Policies Banking stability, regulation, efficiency Financial Risk and Volatility Modeling

Abstract

Abstract Despite the growing popularity of blaming ‘contagion’ for international financial crises, contagion remains an elusive concern. Without a clear understanding of financial contagion and the mechanisms through which it works, we can neither assess the problem nor design appropriate policy measures to control it. This paper organizes and evaluates recent research on international financial contagion. The main finding is that the different mechanisms by which a crisis can spread greatly differ from each other both in their causes and implications. Policy measures that do not take these differences into account may do more harm than good.

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References

1983Bank Runs, Deposit Insurance, and Liquidity 1999The Twin Crises: The Causes of Banking and Balance-of-Payments Problems 2002No Contagion, Only Interdependence: Measuring Stock Market Comovements 1998The Determinants of Banking Crises in Developing and Developed Countries 1990Transmission of Volatility between Stock Markets 1989Transmission of Volatility Between Stock Markets 1978Relative Backwardness, Direct Foreign Investment, and the Transfer of Technology: A Simple Dynamic Model 2000On crises, contagion, and confusion

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