The DOI matches its Crossref record; 17 of the 17 references it cites were found in a registry or an index.
The Unholy Trinity of Financial Contagion
Open accessAbstract
Over the last 20 years, some financial events, such as devaluations or defaults, have triggered an immediate adverse chain reaction in other countries -- which we call fast and furious contagion. Yet, on other occasions, similar events have failed to trigger any immediate international reaction. We argue that fast and furious contagion episodes are characterized by “the unholy trinity”: (i) they follow a large surge in capital flows; (ii) they come as a surprise; and (iii) they involve a leveraged common creditor. In contrast, when similar events have elicited little international reaction, they were widely anticipated and took place at a time when capital flows had already subsided.
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Cites
A Simple Model of Herd Behavior
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Bikhchandani, S., Hirshleifer, D., & Welch, I. (1998) · Journal of Economic Perspectives · doi:10.1257/jep.12.3.151 · Cited by 1,915
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On crises, contagion, and confusion
Kaminsky, G., & Reinhart, C. (2000) · Journal of International Economics · doi:10.1016/s0022-1996(99)00040-9 · Cited by 1,229
Self-citationA Rational Expectations Model of Financial Contagion
Kodres, L. E., & Pritsker, M. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00441 · Cited by 1,076
Rational contagion and the globalization of securities markets
Calvo, G. A., & Mendoza, E. G. (2000) · Journal of International Economics · doi:10.1016/s0022-1996(99)00038-0 · Cited by 952
Contagious Currency Crises: First Tests
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Contagion and Trade: Why Are Currency Crises Regional?
Glick, R., & Rose, A. (1998) · National Bureau of Economic Research · doi:10.3386/w6806 · Cited by 794
Asset Prices and Exchange Rates
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Cited by
Spillovers in Sub-Saharan Africa’s Sovereign Eurobond Yields
Senga, C., & Cassimon, D. (2020) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2019.1575724 · Cited by 18
Metadata
- Authors
- Kaminsky, G. L., Reinhart, C. M., & Végh, C. A.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2003-11-01
- Volume
- 17
- Issue
- 4
- Pages
- 51-74
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2167666676
- Cited by
- 593
- References
- 17
- FWCI
- 23.74
- Type
- journal article
- Language
- en
- Open access
- hybrid
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