Journal Article

Crisis Transmission : Evidence from the Debt, Tequila, and Asian Flu Crises

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collection.link.102
https://openknowledge.worldbank.org/handle/10986/2211
collection.name.102
A. World Bank Economic Review
dc.contributor.author
De Gregorio, José
dc.contributor.author
Valdés, Rodrigo O.
dc.date.accessioned
2014-03-27T21:16:14Z
dc.date.available
2014-03-27T21:16:14Z
dc.date.issued
2001-05
dc.date.lastModified
2021-04-23T14:03:29Z
dc.description.abstract
This article analyzes how external crises spread across countries. The authors analyze the behavior of four alternative crisis indicators in a sample of 20 countries during three well-known crises: the 1982 debt crisis, the 1994 Mexican crisis, and the 1997 Asian crisis. The objective is twofold: to revisit the transmission channels of crises, and to analyze whether capital controls, exchange rate flexibility, and debt maturity structure affect the extent of contagion. The results indicate that there is a strong neighborhood effect. Trade links and similarity in pre-crisis growth also explain (to a lesser extent) which countries suffer more contagion. Both debt composition and exchange rate flexibility to some extent limit contagion, whereas capital controls do not appear to curb it.
en
dc.identifier
http://documents.worldbank.org/curated/en/2001/05/17737281/crisis-transmission-evidence-debt-tequila-asian-flu-crises
dc.identifier.citation
World Bank Economic Review
dc.identifier.uri
http://hdl.handle.net/10986/17443
dc.language
English
dc.language.iso
en_US
dc.publisher
Washington, DC: World Bank
dc.rights
CC BY-NC-ND 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subject
ACCOUNTING
dc.subject
AGRICULTURE
dc.subject
ANNUAL GROWTH
dc.subject
ASSETS
dc.subject
BALANCE OF PAYMENTS
dc.subject
BALANCE OF PAYMENTS CRISES
dc.subject
BANK LENDING
dc.subject
BILATERAL TRADE
dc.subject
BUDGET DEFICIT
dc.subject
CAPITAL CONTROL
dc.subject
CAPITAL CONTROLS
dc.subject
CAPITAL INFLOWS
dc.subject
CAPITAL MOVEMENTS
dc.subject
CAPITAL TRANSACTIONS
dc.subject
COMPETITIVE DEVALUATION
dc.subject
COMPETITIVE DEVALUATIONS
dc.subject
CONSTANTS
dc.subject
CONSUMER PRICE INDEX
dc.subject
COUNTRY CREDIT
dc.subject
CREDIT BOOM
dc.subject
CREDIT BOOMS
dc.subject
CREDIT RATING
dc.subject
CREDIT RATINGS
dc.subject
CREDIT RISK
dc.subject
CRISES IN EMERGING MARKETS
dc.subject
CRISIS CONTAGION
dc.subject
CROSS-COUNTRY EXPERIENCE
dc.subject
CURRENCY
dc.subject
CURRENCY CRISES
dc.subject
CURRENCY CRISIS
dc.subject
CURRENT ACCOUNT
dc.subject
CURRENT ACCOUNT BALANCE
dc.subject
CURRENT ACCOUNT DEFICIT
dc.subject
CURRENT ACCOUNT DEFICITS
dc.subject
DATA AVAILABILITY
dc.subject
DEBT COMPOSITION
dc.subject
DEBT CRISIS
dc.subject
DEBT MATURITY
dc.subject
DEBT STRUCTURE
dc.subject
DEPENDENT VARIABLE
dc.subject
DEPOSITS
dc.subject
DEPRECIATION
dc.subject
DEVALUATION
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPMENT ECONOMICS
dc.subject
DOMESTIC CREDIT
dc.subject
DUMMY VARIABLE
dc.subject
DUMMY VARIABLES
dc.subject
EMERGING MARKETS
dc.subject
EQUILIBRIUM
dc.subject
ERROR TERM
dc.subject
EXCHANGE ARRANGEMENTS
dc.subject
EXCHANGE RATE
dc.subject
EXCHANGE RATE FLEXIBILITY
dc.subject
EXCHANGE RATE REGIMES
dc.subject
EXCHANGE RESTRICTIONS
dc.subject
EXPLANATORY VARIABLE
dc.subject
EXTERNAL ASSETS
dc.subject
EXTERNAL DEBT
dc.subject
EXTERNAL SHOCK
dc.subject
EXTERNAL SHOCKS
dc.subject
FINANCIAL CRISES
dc.subject
FINANCIAL INTEGRATION
dc.subject
FINANCIAL SECTOR
dc.subject
FINANCIAL SUPPORT
dc.subject
FISCAL BALANCE
dc.subject
FIXED EXCHANGE RATE
dc.subject
FIXED EXCHANGE RATE REGIME
dc.subject
FLEXIBLE EXCHANGE RATE
dc.subject
FLEXIBLE EXCHANGE RATE REGIMES
dc.subject
FOREIGN DEBT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN EXCHANGE MARKET
dc.subject
GDP
dc.subject
GLOBALIZATION
dc.subject
GROSS DOMESTIC PRODUCT
dc.subject
GROWTH RATE
dc.subject
INDUSTRIAL COUNTRIES
dc.subject
INFLATION
dc.subject
INSTITUTIONAL INVESTOR
dc.subject
INTERDEPENDENCE
dc.subject
INTEREST RATE SHOCK
dc.subject
INTEREST RATES
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL BANK LENDING
dc.subject
INTERNATIONAL CRISES
dc.subject
INTERNATIONAL CRISIS
dc.subject
INTERNATIONAL FINANCE
dc.subject
INTERNATIONAL FINANCIAL STATISTICS
dc.subject
INTERNATIONAL INTEREST
dc.subject
INTERNATIONAL INTEREST RATE
dc.subject
INTERNATIONAL RESERVES
dc.subject
INTERNATIONAL SETTLEMENTS
dc.subject
LEADING INDICATORS
dc.subject
M1
dc.subject
M2
dc.subject
MACROECONOMIC CONDITIONS
dc.subject
MACROECONOMIC VARIABLE
dc.subject
MARKET COMPETITION
dc.subject
MARKET PRESSURE
dc.subject
MARKET PRESSURES
dc.subject
MATURITY STRUCTURE
dc.subject
MISALIGNMENT
dc.subject
MONETARY FUND
dc.subject
MONEY SUPPLY
dc.subject
NARROW BANDS
dc.subject
OUTPUT
dc.subject
OUTPUT COLLAPSE
dc.subject
OVERVALUATION
dc.subject
PARTICULAR COUNTRY
dc.subject
PRICE INDEX
dc.subject
PRIVATE CREDIT
dc.subject
RATE OF GROWTH
dc.subject
RATE OF INFLATION
dc.subject
REAL DEPRECIATION
dc.subject
REAL EXCHANGE RATE
dc.subject
REAL EXCHANGE RATE APPRECIATION
dc.subject
REAL EXCHANGE RATE OVERVALUATION
dc.subject
REAL EXCHANGE RATES
dc.subject
REAL INTEREST
dc.subject
REAL INTEREST RATE
dc.subject
REAL SHOCKS
dc.subject
RETURNS
dc.subject
SHOCK PROXY
dc.subject
SHORT-TERM DEBT
dc.subject
STANDARD DEVIATION
dc.subject
STOCK MARKET
dc.subject
SURRENDER REQUIREMENT
dc.subject
TEQUILA CRISIS
dc.subject
TIME HORIZON
dc.subject
TOTAL CREDIT
dc.subject
TOTAL DEBT
dc.subject
TOTAL EXPORTS
dc.subject
TRADE PATTERN
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TRANQUIL TIMES
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TRANSMISSION MECHANISM
dc.subject
TRANSMISSION MECHANISMS
dc.subject
VOLATILITY
dc.subject
VULNERABILITY
dc.subject
WEIGHTS
dc.title
Crisis Transmission : Evidence from the Debt, Tequila, and Asian Flu Crises
en
dc.type
Journal Article
en
okr.date.disclosure
2013-05-21
okr.doctype
Publications & Research :: Journal Article
okr.docurl
http://documents.worldbank.org/curated/en/2001/05/17737281/crisis-transmission-evidence-debt-tequila-asian-flu-crises
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000333037_20130521131750
okr.identifier.internaldocumentum
17737281
okr.identifier.report
77354
okr.journal.nbpages
289-314
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/21/000333037_20130521131750/Rendered/PDF/773540JRN0200100Crisis0Transmission.pdf
en
okr.peerreview
Academic Peer Review
okr.region.administrative
East Asia and Pacific
okr.region.administrative
South Asia
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Finance and Financial Sector Development :: Currencies and Exchange Rates
okr.topic
Economic Theory and Research
okr.topic
Financial Crisis Management and Restructuring
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Macroeconomics and Economic Growth
okr.unit
Economic Policy Sector (LCSPE)
okr.volume
15(2)

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