John L. Simpson

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Speculative attacks tend to be temporally correlated; that is, currency crises appear to pass " contagiously " from one country to another. The paper provides a survey of the theoretical literature and analyzes the contagious nature of currency crises empirically. Using thirty years of panel data from twenty industrialized countries, we find evidence of(More)
This paper uses graphical techniques and multinomial logit analysis to evaluate the causes and consequences of episodes of turbulence in foreign exchange markets. Using a quarterly panel of data from 1959 through 1993 for twenty OECD countries, we consider the antecedents and aftermath of devaluations and revaluations, flotations, fixings, and speculative(More)
We analyze banking crises using a panel of macroeconomic and financial data for more than one hundred developing countries from 1975 through 1992. We find that banking crises in emerging markets are strongly associated with adverse external conditions. In particular, high Northern interest rates are strongly associated with the onset of banking crises in(More)
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