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A Critical Survey on the Contagion Effects of Financial Crisis

Author

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  • Song, Chi-Young

    (Kookmin University)

Abstract

This paper critically reviews theoretical and empirical studies on financial contagion. The East Asian crisis in 1997 as well as the Mexican crisis in 1994 saw the serious spillover of financial turbulences among different countries, and consequently this has encouraged theoretical and empirical investigation of financial contagion effects. However, rigorous evaluation and assessment of existing studies are yet to be made. In this paper, we introduce and critically evaluate previous studies on the definitions and phenomena, and causes of financial contagion effects. We also discuss effective policy measures to contain them, and topics for future studies.

Suggested Citation

  • Song, Chi-Young, 2000. "A Critical Survey on the Contagion Effects of Financial Crisis," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 4(3), pages 3-40, September.
    • Handle: RePEc:ris:eaerev:0251
    DOI: 10.11644/KIEP.JEAI.2000.4.3.67
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    Keywords

    Financial Crisis; Contagion Effects;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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