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What Drives Contagion Trade Neighborhood, or Financial Links?

This paper presents evidence on the relative importance of alternative contagion channels during the Thai, Russian, and Brazilian crises. Results show that when crises are measured by changes in sovereign bond spreads, financial competition seems to explain almost all contagion episodes. However, wh...

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Bibliographic Details
Main Author: Valdes, Rodrigo
Other Authors: Hernández, Leonardo
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2001
Series:IMF Working Papers
Subjects:
Interest Rates
Sovereign Bonds
Stock Exchanges
Finance
Short-term Capital Movements
Financial Institutions
Financial Services
Current Account Adjustment
Competition
General Financial Markets: General (includes Measurement And Data)
Investments: Bonds
Yield Curve
International Financial Markets
Currency Markets
International Finance: General
Financial Markets
Bonds
Stock Markets
Banks And Banking
Interest Rates: Determination, Term Structure, And Effects
Foreign Exchange Market
Investment & Securities
Finance: General
Thailand
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper presents evidence on the relative importance of alternative contagion channels during the Thai, Russian, and Brazilian crises. Results show that when crises are measured by changes in sovereign bond spreads, financial competition seems to explain almost all contagion episodes. However, when crises are measured by stock market returns, trade links and neighborhood effects appear to be relevant contagion channels during the Thai and Brazilian crises, while financial competition remains the only relevant channel in the case of the Russian crisis
Physical Description:22 pages
ISBN:9781451844801

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