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Vanishing Contagion?
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Author/Editor: |
Didier, Tatiana | Mauro, Paolo | Schmukler, Sergio L. |
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January 1, 2006 |
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Electronic Access: |
Free Full Text (PDF file size is 419KB)
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Disclaimer: This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: 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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Series: |
Policy Discussion Paper No. 06/01 |
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Subject(s): |
Financial crisis | Emerging markets |
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Published: |
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January 1, 2006 |
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Format: |
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Paper |
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Stock No: |
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PPIEA2006001 |
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Pages: |
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24 |
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Price: |
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US$15.00
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