International Financial Contagion: How It Spreads and How It Can Be Stopped

Edited by Stijn Claessens and Kristin Forbes

This volume contains a selection of the papers presented at a conference (of the same name) held on February 3-4, 2000 in Washington, DC. The conference was organized by Stijn Claessens, Rudiger Dornbusch, and Yung-Chul Park and was funded by the International Monetary Fund, the World Bank, and the Asian Development Bank. Initial funding for the project was also provided by WIDER.

Preliminary Table of Contents

I. Overview

• Book Overview (not yet available): Stijn Claessens - Lead Economist, World Bank; Kristin Forbes - Professor, MIT
• Contagion: How It Spreads and How It Can Be Stopped (84kb PDF file): Stijn Claessens - Lead Economist, World Bank; Rudiger Dornbusch - Professor, MIT; Yung-Chul Park - Professor, Korea University - 05/19/00

II. The Measurement and Theory of Contagion: What do we Know?

• Measuring Contagion: Conceptual and Empirical Issues (170kb PDF file): Kristin Forbes - Professor, MIT; Roberto Rigobon - Professor, MIT - 12/13/99
• The Channels for Financial Contagion (207kb PDF file): Matthew Pritsker - Economist, Federal Reserve Board - 08/11/00

III. Testing Alternate Channels of Contagion

• Crisis Transmission: Evidence from the Debt, Tequila and Asian Flu Crises (263kb PDF file): Jose de Gregorio - Professor, Univ. of Chile / Ministry of Economy; Rodrigo Valdes - Economist, Central Bank of Chile - 03/05/00
• Financial Contagion: Spillovers through Banking Centers (96kb PDF file): Caroline Van Rijckeghem - Economist, International Monetary Fund; Beatrice Weder - Professor, University of Basel - 09/99
• Flight to Quality: Investor Risk Tolerance and the Spread of Emerging Market Crises (102kb PDF file) (tables are a separate 163kb PDF file): Barry Eichengreen - Professor, UC Berkeley; Galina Hale - Professor, UC Berkeley; Ashoka Mody - Lead Specialist, World Bank - 03/00
• Mutual Funds in Emerging Markets (coming soon): Graciela Kaminsky - Professor, George Washington University; Richard Lyons - Professor, UC Berkeley; Sergio Schmukler - Financial Economist, World Bank
• Portfolio Diversification, Leverage, and Financial Contagion (132kb PDF file): Gary Schinasi - Division Chief, International Monetary Fund; Todd Smith - Professor, University of Alberta - 09/99

IV. Case Studies of Contagion

• Contagion of International Financial Crises: The Case of Mexico (341kb PDF file): Santiago Bazdresch - Professor, Rutgers University; Alejandro Werner - Economist, Banco de Mexico - 03/00
• Thai Meltdown and Transmission of Recession within ASEAN4 and NIE4 (198kb PDF file): Tilak Abeysinghe - Associate Professor, National University of Singapore - 08/00
• Financial Contagion in the East Asian Crisis: With Special Reference to the Republic of Korea (189kb PDF file): Yung-Chul Park - Professor, Korea University; Chi-Young Song - Professor, Kookmin University -
• The Russian Default and the Contagion to Brazil (210kb PDF file): Taimur Baig - Economist, International Monetary Fund; Ilan Goldfajn - Professor, Pontificia Universidade Catolica - 08/00
• Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion? (1,601kb PDF file): Michael Bordo - Professor, Rutgers University; Antu Murshid - Professor, Rutgers University - 08/14/00

V. Implications for Policy and the International Financial Architecture

• International Contagion: Implications for Policy (84kb PDF file): Roberto Chang - Senior Economist, Federal Reserve Bank of Atlanta; Giovanni Majnoni - Advisor, World Bank - 10/99
• International Financial Reform: Regulatory and Other Issues (169kb PDF file): John Hawkins - Senior Economist, BIS; Philip Turner - Head Emerging Markets Secretariat, BIS 07/00
  

This page last updated on 09/15/00