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Contagion and Trade: Why Are Currency Crises Regional?
Open accessAbstract
Abstract Currency crises tend to be regional; they affect countries in geographic proximity. This suggests that patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. We provide empirical support for this hypothesis. Using data for five different currency crises (in 1971, 1973, 1992, 1994 and 1997) we show that currency crises affect clusters of countries tied together by international trade. By way of contrast, macroeconomic and financial influences are not closely associated with the cross-country incidence of speculative attacks.
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Cited by
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Allen, F., & Gale, D. (2004) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2004.0038 · Cited by 1,137
The Unholy Trinity of Financial Contagion
Kaminsky, G. L., Reinhart, C. M., & Végh, C. A. (2003) · Journal of Economic Perspectives · doi:10.1257/089533003772034899 · Cited by 593
Stocks, bonds, money markets and exchange rates: measuring international financial transmission
Ehrmann, M., Fratzscher, M., & Rigobon, R. (2011) · Journal of Applied Econometrics · doi:10.1002/jae.1173 · Cited by 369
Metadata
- Authors
- Glick, R., & Rose, A.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1998-11
- OpenAlex
- W2098929430
- Cited by
- 794
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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