Vanishing Contagion?

Business & Finance, Economics, Money & Monetary Policy, International Economics, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Vanishing Contagion? by Paolo Mr. Mauro, Tatiana Didier, Sergio Mr. Schmukler, INTERNATIONAL MONETARY FUND
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Author: Paolo Mr. Mauro, Tatiana Didier, Sergio Mr. Schmukler ISBN: 9781452752358
Publisher: INTERNATIONAL MONETARY FUND Publication: January 1, 2006
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Paolo Mr. Mauro, Tatiana Didier, Sergio Mr. Schmukler
ISBN: 9781452752358
Publisher: INTERNATIONAL MONETARY FUND
Publication: January 1, 2006
Imprint: INTERNATIONAL MONETARY FUND
Language: English

While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some observers to wonder whether contagion might have become a feature of the past, with markets now better discriminating between countries with good and bad fundamentals. This paper argues that a prudent working assumption is that contagion has not vanished permanently. Available data do not seem to point to a disappearance of the main channels that contribute to transmitting crises across countries. Moreover, anticipation of the Argentine crisis by international investors may help explain the recent absence of contagion.

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While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some observers to wonder whether contagion might have become a feature of the past, with markets now better discriminating between countries with good and bad fundamentals. This paper argues that a prudent working assumption is that contagion has not vanished permanently. Available data do not seem to point to a disappearance of the main channels that contribute to transmitting crises across countries. Moreover, anticipation of the Argentine crisis by international investors may help explain the recent absence of contagion.

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