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Financial Contagion in Five Small Open Economies: Does the Exchange Rate Regime Really Matter?

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  • Darvas, Zsolt
  • Szapary, Gyorgy

Abstract

This paper examines the spillover effects of the global financial crises of 1997-9 on five small open economies with different types of exchange rate regimes: the Czech Republic, Greece, Hungary, Israel and Poland. We found empirical evidence that the regional aspect played a dominant role in the intensity of the spillover effects. We found no empirical evidence that the pressures on exchange rates, interest rates and stock markets were primarily influenced by the exchange rate regime in place. Our findings do not support the commonly held view that flexible regimes are the best choice for small open emerging market economies exposed to volatile capital flows. Copyright 2000 by Blackwell Publishers Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal International Finance.

Volume (Year): 3 (2000)
Issue (Month): 1 (April)
Pages: 25-51

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Handle: RePEc:bla:intfin:v:3:y:2000:i:1:p:25-51

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Cited by:
  1. Zsolt Darvas & György Szapáry, 2008. "Euro Area Enlargement and Euro Adoption Strategies," Working Papers 0801, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  2. Jokipii, Terhi & Lucey, Brian, 2007. "Contagion and interdependence: Measuring CEE banking sector co-movements," Economic Systems, Elsevier, vol. 31(1), pages 71-96, March.
  3. Zsolt Darvas, 2009. "Monetary Transmission in Three Central European Economies: Evidence from Time-Varying Coefficient Vector Autoregressions," IEHAS Discussion Papers 0913, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  4. Andreou, Irène & Dufrénot, Gilles, 2009. "A Forewarning Indicator System for Financial Crises: the Case of Six Central and Eastern European Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 24, pages 87-115.
  5. Jozef M. Van Brabant, 2001. "Exchange-rate policy in eastern Europe and EU integration," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 54(218), pages 219-248.
  6. Jozef M. Van Brabant, 2001. "Exchange-rate policy in eastern Europe and EU integration," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 54(218), pages 219-248.
  7. Zsolt Darvas, 2006. "Monetary Transmission in the New EU Member States: Evidence from Time-Varying Coefficient Vector Autoregression," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1.
  8. Ales Bulir, 2004. "Liberalized Markets Have More Stable Exchange Rates," IMF Working Papers 04/35, International Monetary Fund.
  9. Ales Bulir, 2003. "Some Exchange Rates Are More Stable than Others: Short-Run Evidence from Transition Countries," Working Papers 2003/05, Czech National Bank, Research Department.
  10. Szapáry, György, 2000. "Az árfolyamrendszer kiválasztása az átmenet országaiban az EMU-csatlakozás előtt
    [Choice of exchange-rate regime in transition countries before joining the EMU]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 951-961.
  11. Serwa, Dobromil & Bohl, Martin T., 2005. "Financial contagion vulnerability and resistance: A comparison of European stock markets," Economic Systems, Elsevier, vol. 29(3), pages 344-362, September.

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