The crises initiated in Mexico in 1994, Thailand in 1997, and Russia in 1998 had strong
spillover effects in their regions and around the world. As speculative attacks brought down …

The 1990's has been punctuated by a series of severe financial and currency crises: the
Exchange Rate Mechanism (ERM) attacks of 1992; the Mexican peso collapse of 1994; the …

This paper presents evidence that spillovers through bank lending, as opposed to trade
linkages and country characteristics, can help explain contagion. We construct a measure of …

The seriousness of the recent Asian financial crises, and difficulties in finding
macroeconomic explanations for its spread, have led to fears of irrational contagion, and to …

This paper quantifies the impact of changes in US monetary policy on sovereign bond
spreads in emerging market countries. Specifically, the paper explores empirically how …

This paper presents evidence on the relative importance of alternative contagion channels
during the Thai, Russian, and Brazilian crises. Results show that when crises are measured …

The financial turbulence that hit many East Asian countries in 1997, and then spread to other
parts of the world, continued unabated in the fall of 1998. Russia defaulted on its debt as …

This paper examines financial market comovements across European transition economies
and compares their experience to that of other regions. Correlations in monthly indices of …

Shortly after the Mexican crisis of 1994-95, the major industrial countries undertook to
strengthen the international financial architecture. They sought to reduce the risk of future …

This paper studies the determinants of private capital flows to developing countries during
the last two episodes of large inflows, the late 1970s-early 1980s and the 1990s. The paper …