A Model of Contagious Currency Crises with Application to Argentina

A Model of Contagious Currency Crises with Application to Argentina
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... READ MORE...

Publication date: March 1999
ISBN 9781451844788
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