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A Model of Contagious Currency Crises with Application to Argentina
By:Miss Nada Choueiri
Published on 1999-03-01 by International Monetary Fund

This paper proposes a model of contagious currency crises: crises transmit across countries by raising the risk premium on government bonds. Three types of equilibria can occur: a “no-collapse” equilibrium (crises never transmit from abroad); a “collapse” equilibrium (crises are inevitably contagious); or a “fundamentals” equilibrium (crises are contagious if domestic fundamentals are weak). A calibration exercise finds that the 1995 turmoil in Argentina coexisted with a combination of risk-averse investors and weak credibility in the currency board arrangement. This turmoil could only be attributed to a Tequila effect from the Mexican crisis alone if investors were excessively risk-averse.

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Book ID of A Model of Contagious Currency Crises with Application to Argentina's Books is 0jbMK6lWkmkC, Book which was written byMiss Nada Choueirihave ETAG "xAZI0F0C0d0"

Book which was published by International Monetary Fund since 1999-03-01 have ISBNs, ISBN 13 Code is 9781451892345 and ISBN 10 Code is 1451892349

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