Contagion : Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria

Several concepts of contagion are distinguished. It is argued that only models that admit of multiple equilibria are capable of producing true contagion. A simple balance of payments model is presented to illustrate that phenomenon, and some back-of-the-envelope calculations assess its relevance to the coincidence of emerging market crises in 1994-95 and in 1997.
Publication date: September 1998
ISBN: 9781451856224
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Topics covered in this book

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Finance , Finance , International - Economics , International - Economics , contagion , spillovers , multiple equilibria , currency crises , debt crisis , competitiveness

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