search query: @author Masson, P. / total: 6
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| Author: | Masson, P. |
| Title: | Contagion: macroeconomic models with multiple equilibria |
| Journal: | Journal of International Money and Finance
1999 : AUG, VOL. 18:4, p. 587-602 |
| Index terms: | Equilibrium analysis Models |
| Freeterms: | Spillovers |
| Language: | eng |
| Abstract: | Several concepts of contagion are distinguished. It is argued that models that allow only a single equilibrium conditional on the macroeconomic fundamentals are not adequate to capture all forms of contagion, hence it is useful to formulate macro models that admit multiple equilibria and self-fulfilling expectations. A simple balance of payments model is presented to illustrate that phenomenon, and some back-of-the-envelope calculations assess its relevance to the coincidence of emerging market crises in 1994-95 and in 1997. |
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