Contagious Currency Crises

Barry Eichengreen, Andrew Rose and Charles Wyplosz

No 5681, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of currency crises empirically. Using thirty years of panel data from twenty industrialized countries, we find evidence of contagion. Contagion appears to spread more easily to countries which are closely tied by international trade linkages than to countries in similar macroeconomic circumstances.

JEL-codes: F31 (search for similar items in EconPapers)
Date: 1996-07
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (856)

Published as Scandinavian Journal of Economics (1996).
Published as Barry Eichengreen & Andrew K. Rose, 1999. "Contagious Currency Crises: Channels of Conveyance," NBER Chapters, in: Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, and Policy Issues (NBER-EASE volume 7), pages 29-56 National Bureau of Economic Research, Inc.

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Working Paper: Contagious Currency Crises (1996)
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