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| Tekijä: | Glick, R. Rose, A. K. |
| Otsikko: | Contagion and trade - Why are currency crises regional ? |
| Lehti: | Journal of International Money and Finance
1999 : AUG, VOL. 18:4, p. 603-617 |
| Asiasana: | Exchange rates Trade Speculation Macroeconomics |
| Kieli: | eng |
| Tiivistelmä: | 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. In this paper, there is empirical support provided for this hypothesis. Using data for five different currency crises (in 1971, 1973, 1992, 1994 and 1997) it is shown 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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