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    Contagion: How the Asian Crisis Spread

    Walker, W Christopher | October 1998
    Abstract
    The Asian financial crisis has spread from Thailand to other East Asian countries and even to Russia and Latin America, despite major differences among the affected countries. Con¬tagion is the general term for this tendency of financial upheavals to move rapidly across borders. This is not the first time contagion has cropped up—Latin America suffered from a bout following the Mexican peso devaluation of 1994-1995, and international financial panics have occurred sporadically over the past 100 years. Economists do not have a fully satisfactory account of con-tagion, but there is some agreement on the channels of transmission and sources of vulnerability. This paper presents current views on contagion and attempts to identify patterns in recent episodes. It begins by analyzing the mechanics of an attack on the currency— the central event in a contemporary emerging market financial crisis. It describes current thinking about the channels of contagion and the conditions that make countries vulnerable to the affliction. Finally, the note compares Asia in 1997 with Latin America in 1994-1995.
    Citation
    Walker, W Christopher. 1998. Contagion: How the Asian Crisis Spread. © Asian Development Bank. http://hdl.handle.net/11540/2625. License: CC BY 3.0 IGO.
    Keywords
    Development
    Finance
    Development Challenges
    Development Issues
    Development Problems
    Microenterprises Finance
    Commercial Finance Companies
    Enterprise Financing
    Financial Analysis
    Banking Finance And Investment
    ADB
    Project finance
    Development plans
    Strategic planning
    Business Financing
    Investment Requirements
    Insurance Companies
    International Monetary Relations
    International Financial Market
    Exchange Rate
    Insurers
    Insurance stocks
    Insurance holding companies
    Insurance carriers
    Insurance agencies
    Business subsidies
    Investment companies
    International banks and banking
    Stock exchanges
    Grants
    Loans
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    Citable URI
    http://hdl.handle.net/11540/2625
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    Author
    Walker, W Christopher
    Theme
    Development
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise