Multiple Equilibria, Contagion, and the Emerging Market Crises [electronic resource] / Paul R Masson.
Material type:
TextSeries: IMF Working Papers; Working Paper ; No. 99/164Publication details: Washington, D.C. : International Monetary Fund, 1999Description: 1 online resource (25 p.)ISBN: 1451857977 :ISSN: 1018-5941Subject(s): Bank Runs | Capital Account Liberalization | Capital Flows | Contagion | Currency Crisis | Multiple Equilibria | Korea, Republic of | Mexico | ThailandAdditional physical formats: Print Version:: Multiple Equilibria, Contagion, and the Emerging Market CrisesOnline resources: IMF e-Library | IMF Book Store Abstract: 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.
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.
Description based on print version record.
There are no comments on this title.