Contagion and Trade: Explaining the Incidence and Intensity of Currency Crises

Abstract

Currency crises tend to affect countries in geographic proximity. This suggests that regional patterns of international trade are important in understanding how currency crises spread, above and beyond any macroeconomic phenomena. Using data for five different currency crises (in 1971, 1973, 1992, 1994, and 1997) we show that currency crises affect… (More)

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