Masson, Paul R.
Multiple Equilibria, Contagion, and the Emerging Market Crises Paul R Masson. [electronic resource] / Paul R Masson. - Washington, D.C. : International Monetary Fund, 1999. - 1 online resource (25 p.) - IMF Working Papers; Working Paper ; No. 99/164 . - IMF Working Papers; Working Paper ; No. 99/164 .
The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices than of macroeconomic fundamentals. Alternative explanations are compared with the stylized facts concerning capital flows, portfolio shifts, and exchange rate crises. Implications for crisis prediction and prevention are then discussed.
1451857977 : 15.00 USD
1018-5941
10.5089/9781451857979.001 doi
Bank Runs
Capital Account Liberalization
Capital Flows
Contagion
Currency Crisis
Multiple Equilibria
Korea, Republic of
Mexico
Thailand
Multiple Equilibria, Contagion, and the Emerging Market Crises Paul R Masson. [electronic resource] / Paul R Masson. - Washington, D.C. : International Monetary Fund, 1999. - 1 online resource (25 p.) - IMF Working Papers; Working Paper ; No. 99/164 . - IMF Working Papers; Working Paper ; No. 99/164 .
The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices than of macroeconomic fundamentals. Alternative explanations are compared with the stylized facts concerning capital flows, portfolio shifts, and exchange rate crises. Implications for crisis prediction and prevention are then discussed.
1451857977 : 15.00 USD
1018-5941
10.5089/9781451857979.001 doi
Bank Runs
Capital Account Liberalization
Capital Flows
Contagion
Currency Crisis
Multiple Equilibria
Korea, Republic of
Mexico
Thailand