This paper reviews the rapidly growing empirical literature on the drivers of capital flows to
emerging markets. The empirical evidence is structured based on the recognition that the …

We review the international finance literature to assess the extent to which international
factors affect financial asset demands and prices. International asset-pricing models with …

Rapidly growing numbers of empirical papers assessing the financial effects of COVID-19
pandemic triggered an urgent need for a study summarising the existing knowledge of …

This study analyzes the impact of the COVID-19 pandemic and the Russia-Ukraine war on
the connectedness of lower-order moments (returns and volatility) and higher-order …

In the wake of the Mexican and Asian currency turmoil, the subject of financial crises has
come to the forefront of academic and policy discussions. This paper analyzes the links …

Heteroskedasticity biases tests for contagion based on correlation coefficients. When
contagion is defined as a significant increase in market comovement after a shock to one …

This paper examines the empirical evidence on currency crises and proposes a specific
early warning system. This system involves monitoring the evolution of several indicators …

This paper is concerned with the fact that the incidence of speculative attacks tends to be
temporally correlated; that is, currency crises appear to pass contagiously from one country …

The discomfort a government suffers from speculation against its currency determines the
strategic incentives of speculators and the scope for multiple currency-market equilibria …

Since the Tequila crisis of 1994–1995, the Asian flu of 1997, and the Russian virus of 1998,
economists have been busy producing research on the subject of contagion. Yet, few …