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Spatial Contagion of Global Financial Crisis

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Author Info

  • Ari Tjahjawandita

    ()
    (Department of Economics, Padjadjaran University)

  • Tito Dimas Pradono

    ()
    (Department of Economics, Padjadjaran University)

  • Rullan Rinaldi

    ()
    (Department of Economics, Padjadjaran University)

Abstract

The global financial crisis triggered by the credit crisis in the USA as its epicenter, quickly spread across the globe. The crisis starts spreading around the world in the middle of 2007 and along the 2008, where stock markets in major economies fell, followed by collapses of large companies and leading financial institutions. In a world where economies are integrated, the spread of such crisis is unavoidable. In this paper, we try to estimate the spill over effect of the global financial crises across borders and regions. Using spatial econometrics method we employ distance based weight matrix to estimate the spatial dependence and spatial heterogeneity of the crises. On the sensitivity analysis, we also employ weights matrix that is corrected by the governance and the economic freedom index to shows how the virtual space of governance, economic institution and regimes affect the spread of the crises.

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File URL: http://lp3e.fe.unpad.ac.id/wopeds/200906.pdf
File Function: First version, 2009
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Bibliographic Info

Paper provided by Department of Economics, Padjadjaran University in its series Working Papers in Economics and Development Studies (WoPEDS) with number 200906.

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Length: 16 pages
Date of creation: Aug 2009
Date of revision: Aug 2009
Handle: RePEc:unp:wpaper:200906

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Related research

Keywords: Global Financial Crises; Spillover Effect; Institutions; Globalization; Spatial Econometrics;

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  1. Kaminsky, Graciela & Lizondo, Saul & Reinhart, Carmen M., 1997. "Leading indicators of currency crises," Policy Research Working Paper Series 1852, The World Bank.
  2. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
  3. Burkart, Oliver & Coudert, Virginie, 2002. "Leading indicators of currency crises for emerging countries," Emerging Markets Review, Elsevier, vol. 3(2), pages 107-133, June.
  4. Becker, Sascha O. & Egger, Peter H. & Seidel, Tobias, 2009. "Common political culture: Evidence on regional corruption contagion," European Journal of Political Economy, Elsevier, vol. 25(3), pages 300-310, September.
  5. Lestano & Jacobs, Jan & Kuper, Gerard H., 2003. "Indicators of financial crises do work! : an early-warning system for six Asian countries," CCSO Working Papers 200313, University of Groningen, CCSO Centre for Economic Research.
  6. Bustelo, Pablo, 2000. "Novelties of financial crises in the 1990s and the search for new indicators," Emerging Markets Review, Elsevier, vol. 1(3), pages 229-251, November.
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Cited by:
  1. Leila Ali & Marie Lebreton, 2013. "The Fall of Bretton Woods: Which Geography Matters?," Economics Bulletin, AccessEcon, vol. 33(2), pages 1396-1419.

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