Stress test for reforms: Transition and East Asian ‘contagion’

Testing for financial contagion between

Testing for financial contagion between developed and emerging markets during the 1997 East Asian crisis

✍ Philip Arestis; Guglielmo Maria Caporale; Andrea Cipollini; Nicola Spagnolo 📂 Article 📅 2005 🏛 John Wiley and Sons 🌐 English ⚖ 119 KB

In this paper we examine whether during the 1997 East Asian crisis there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea and Malaysia) to a number of developed countries (Japan, UK, Germany and France). Following Forbes and Rigobon, we test for contagion a