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Contagious Currency Crises


Barry Eichengreen


University of California, Berkeley - Department of Economics; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Andrew K. Rose


University of California - Haas School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Charles Wyplosz


University of Geneva - Graduate Institute of International Studies (HEI); Centre for Economic Policy Research (CEPR)

July 1996

NBER Working Paper No. w5681

Abstract:     
This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of currency crises empirically. Using thirty years of panel data from twenty industrialized countries, we find evidence of contagion. Contagion appears to spread more easily to countries which are closely tied by international trade linkages than to countries in similar macroeconomic circumstances.

Number of Pages in PDF File: 50

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Date posted: October 3, 1996  

Suggested Citation

Eichengreen, Barry and Rose, Andrew K. and Wyplosz, Charles, Contagious Currency Crises (July 1996). NBER Working Paper No. w5681. Available at SSRN: http://ssrn.com/abstract=4281

Contact Information

Barry Eichengreen (Contact Author)
University of California, Berkeley - Department of Economics ( email )
549 Evans Hall #3880
Berkeley, CA 94720-3880
United States
510-642-2772 (Phone)
510-642-0822 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Andrew K. Rose
University of California - Haas School of Business ( email )
Berkeley, CA 94720
United States
510-642-6609 (Phone)
510-642-4700 (Fax)
HOME PAGE: http://faculty.haas.berkeley.edu/arose
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Charles Wyplosz
University of Geneva - Graduate Institute of International Studies (HEI) ( email )
PO Box 136
Geneva, CH-1211
Switzerland
+41 22 908 5946 (Phone)
+41 22 733 3049 (Fax)
HOME PAGE: http://heiwww.unige.ch/~wyplosz
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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References:  37
Citations:  216
Footnotes:  25

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