Email this article 
Hide
Show all
The contagious currency crises
Abstract
The purpose of this paper is to analyze the contagious currency crisis, which is characterized by regional nature. As the changing of the economic circumstances in one country does affect on the other country’s economy, it is important to analyze some direct and indirect effects. The currency crises have a tendency to spread around the country, but the most important thing is to define the instruments by which this transmission takes place. In the article we also analyze the impact of the Russian crisis on Georgian economy.
Keywords
References
Allen, F., Gale, D. (2000). The Asian crisis and the process of financial contagion. Journal of Political Economy, 108, pp. 1-11.
Apanard, P.A., Barth, J.R., & Heyengwo, K. (2009). Spillover effects from the US financial crisis: some time-series evidence from national stock returns. An international perspecitve, pp. 1-18.
Berger, W., Wagner, H. (2005). Independent expectations and the spread of currency crises. IMF Staff Papers, 52, pp. 41-54.
Dasgupta, A., Prat, A., & Vevardo, M. (2009). The price impact of institutional herding, The Review of Financial Studies, 24(3), pp. 892-925.
Eichengreen, B., Rose, A., & Wiplosz, C. (1996). Contagious Currency Crises, NBER Working paper N5681, pp.1-13.
Fischer, S. (1998). The Asian crises: a view from the IMF, https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp012298, accessed May 14, 2019.
Forbes, K. J. (2001). Are Trade Link Important Determinants of Country Vulnerability to Crisis? NBER Working Paper N8194, pp.1-35.
Fratzscher, M. (1998). Why Are Currency Crisis Contagious? A Comparison of the Latin American Crisis of 1994-1995 and the Asian Crisis of 1997-1998. Weltwirtschaftliches Archiv, Vol.134, N4, pp.664-691.
Fratzscher, M. (2002). On Currency Crises and Contagion. European Central Bank Working Paper Series N139, pp. 6-17.
Geman, S., D. Geman. (1984). Stochastic Relaxation, Gibbs Distribution and the Bayesian Restoration of Images. Journal of the American Statistical Association , Vol6(6), pp.398-409.
Glick, R., Rose, A.K. (1999). Contagion and trade: why are currency crises regional? Journal of International Money and Finance, 18, pp. 603-617.
Kaluza, M. (2010). Financial Crisis in Eastern Europe – Do Impact and Transmission Links Differ for EMU Members? International Finance and Economics, pp.3-55.
Martin, P., Rey, H. (2006). Globalization and Emerging Markets: With or Without Crash? The American Economic Review , 96, pp.1631-1651.
National Statistics Office of Georgia. (2019). Statistical data, https://www.geostat.ge/en/modules/categories/35/external-trade accessed May 14, 2019.
Ozkan, F,G., Unsal, D.F. (2012). Global Financial Crisis, Financial Contagion, and Emerging Markets. IMF Working Paper. Pp. 8-29. WP/12/293.
Pritsker, M. (2000). The channels for financial contagion, http://siteresources.worldbank.org/INTMACRO/Resources/Pritsker.pdf, accessed May 10, 2019.
Tanner, T., Wong, W. (1987). The Calculation of Posterior Distributions by Data Augmantation. Journal of the American Statistical Association , Vol.82, 398, pp.528-549.
This work is licensed under a Creative Commons Attribution 3.0 License.