The Russian Default and the Contagion to Brazil

  title={The Russian Default and the Contagion to Brazil},
  author={Ilan Goldfajn and Catolica Taimur Baig Ilan Goldfajn},
  • Ilan Goldfajn, Catolica Taimur Baig Ilan Goldfajn
  • Published 2000
This paper investigates the contagion from Russia to Brazil in late 1998 under two dimensions— players involved and the timing of events. The data does not seem to reflect a compensatory liquidation of assets story by international institutional investors. It does contribute, however, to the suspicion that the contagion was triggered by foreign investors panicking from the Russian crisis, and joining local residents on their speculation against the Brazilian real. Adjusted correlations in the… CONTINUE READING
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