Political contagion in currency crises: A comment
Comments on: Alan Drazen, whose paper represents a first effort to formalize the role of political considerations in the process of how currency crises are transmitted across international borders. The theoretical literature on “contagion” is scarce, and the empirical literature equally so. Yet the EMS currency crises of 1992-93, the aftermath of the Mexican peso crisis of late 1994, and the meltdown of several Asian currencies in 1997 all have a flavor of “contagious currency crises.” Thus gaining a better understanding of the channels for contagion is a fruitful and timely line of inquiry.
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