SE DICE ASI: Academic Research on the Asian and Global Crisis

Recent Academic Research on Currency Collapse Models and the Asian Crisis

Note: most of the papers below are in PDF format; you need the Adobe Acrobat Reader to read these files)

Note: NBER Working Papers can be downloaded for free from the NBER site by individuals at educational institutions subscribing to the NBER W.P. Series and other subscribing institutions.

Summer Camp in International Economics and Finance Buenos Aires, August 16-19,1999, Invitation and Call for Papers

Call For Papers Pacific Basin Finance Journal Special issue on: The Crisis in Asian Banking, Currencies, and Stock Markets

Conference on Capital Flows, Financial Crises, and Policies, April 15-16, 1999, sponsored by The World Bank, International Monetary Fund, and the World Trade Organization

World Bank - Brookings conference on the Crisis in Emerging Markets, March 26-27, 199 (Online Videos of Conference Proceedings)

Conference on U.S.- China relations on April 17, 1999 at Harvard University

September 8, 1999 -- IMF's International Capital Markets 1999

September 22, 1999 -- IMF's World Economic Outlook

Global Trade Negotiations Home Page

Financial Sector Research Conferences (World Bank)

Interest Bearing Notes Home Page (World Bank)

WB/IMF/Brookings Forum- Corporate and Bank Restructuring March 2000

NBER Conference 02/05/99 Analytic Models of Currency Crisis

NBER Conference 02/06/99 Japan Project Meeting

NBER Conference 03/19/99 IFM Program Meeting

NBER Conference 03/26/99 - 03/27/99 Macro Annual

NBER Conference 04/22/99 Currency Crises: Thailand

NBER Conference 05/06/99 Currency Crises: Lessons From Mexico

NBER Conference 06/18/99 - 06/19/99 ISOM

NBER Conference 6/27/99 - 06/30/99 China Conference

7/12/99- 7/15/99 NBER Summer Institute IFM

12/16/99- 12/17/99 NBER/CEPR/TCER Conference

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Asian Crisis Related Papers:

"What Caused the Asian Currency and Financial Crisis? Part I : A Macroeconomic Overview" by Nouriel Roubini, Giancarlo Corsetti and Paolo Pesenti (revised version, September 1998) (the file is in PDF format ; you need the Acrobat Reader to read it)

"What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate" by Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (revised version, September 1998)

"Paper Tigers? A Model of the Asian Crisis" by Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (revised December 1998) (the file is in PDF format)

"Fundamental Determinants of the Asian Crisis: A Preliminary Assessment" by Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (November 1998)

Trade and Contagious Devaluations: A Welfare-Based Approach by Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini and Cedric Tille (revised December 1998)

Analytical afterthoughts on the Asian crisis by Paul Krugman 9/12/99

Balance sheets, the transfer problem, and financial crises by Paul Krugman (12/98)

Self-Protection for Emerging Market Economies by Martin Feldstein NBER Working Paper No. 6907 (1/99)

Contagion In Emerging Markets: when Wall Street is a carrier (Technical Supplement to "Understanding the Russian Virus") by Guillermo Calvo (1/99)

1999 Economic Report of the President (See Chapter 6: Capital Flows in the Global Economy and Chapter 7: The Evolution and Reform of the International Financial System) (February 1999) (PDF file)

Steven Radelet and Jeffrey Sachs, "What have we learned, so far, from the East Asian Financial Crisis?" (1/99)

Currency Crises by Paul Krugman (10/97)

"The Onset of the East Asian Financial Crisis" by Steve Radelet and Jeffrey Sachs (3/98)

"What Happened to Asia?" by Paul Krugman (Jan 1998)

World Bank. East Asia: The Road to Recovery (10/98)

IMF's Analysis of the Asian Crisis (December 1997)

"Financial Crises in Emerging Markets: A Canonical Model" by Roberto Chang and Andres Velasco NBER Working Paper No. 6606, June 1998

A Simple Model of Monetary Policy and Currency Crisis by Philippe Aghion, Philippe Bachetta and Abhijit Banerjee (9/99)

"Fire-sale" FDI by Paul Krugman

"The Global Capital Market: Benefactor or Menace?" by Maurice Obstfeld NBER Working Paper No. 6559, May, 1998

Volatility and Contagion in a Financially-Integrated World: Lessons from East Asia¼s Recent Experience
by Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh, and Leonardo Hernandez (8/98)

Are Currency Crises Predictable? A Test by Andrew Berg and Catherine Pattillo, IMF (12/98)

"Explaining Currency Crises" by Gerardo Esquivel and Felipe Larrain (6/98)

Domestic Causes of Currency Crises: Policy Lessons for Crisis Avoidance by Helmut Reisen (OECD 6/98)

Hedge Funds and the Asian Currency Crisis of 1997 by William N. Goetzmann, Stephen J. Brown and James Park

Do foreign investors destabilize stock markets? The Korean experience in 1997 by Hyuk Choe, Bong-Chan Kho, and René M. Stulz, June 1998

Asset Bubbles, Domino Effects and åLifeboats¼: Elements of the East Asian Crisis by Hali J. Edison, Pongsak Luangaram, and Marcus Miller

"The East Asian Financial Crisis: Diagnosis, Remedies, Prospects." by Steven Radelet and Jeffrey Sachs (4/98)

The Asian Financial Crisis: Causes, Cures, and Systemic Implications by Morris Goldstein (6/98)

The Asian Liquidity Crisis by Roberto Chang and Andres Velasco (July 1998)

Creditor Panics: Causes and Remedies by Jeffrey Sachs (10/98)

"The Asian Crisis: Is there a Way out? Are the IMF Prescriptions Right? by W. Max Corden

East Asia in Crisis: From being a miracle to needing one? book edited by Ross Garnaut and Ross McLeod (11/98)

The Crisis in Asia: an Empirical Assessment by Warwick McKibbin

Before the Fall: Were East Asian Currencies Overvalued? by Menzie Chinn

Was China the First Domino? Assessing Links between China and the Rest of Emerging Asia by John G. Fernald, Hali J. Edison, and Prakash Loungani

"Asian Competitive Devaluations" by Ligang Liu, Marcus Noland, Sherman Robinso and Zhi Wang

The East Asian Crisis: Investigating Causes and Policy Responses by Warwick McKibbin and Will Martin (September 1998)

Ronald McKinnon: Exchange Rate Coordination for Surmounting the East Asian Currency Crises (8/98)

Is There a Credit Crunch in East Asia? by Wei Ding, Ilker Domaç, and Giovanni Ferri

The East Asia Crisis Papers from a Workshop at the Institute of Development Studies (7/98)

Ronald I. McKinnon and Huw Pill -- International Overborrowing: A Decomposition of Credit and Currency Risks

The Korean Financial Crisis of 1997-1998 by Irma Adelman and Song Byung Nak (8/98)

Which Capitalism? Lessons from the East Asian Crisis by Luigi Zingales and Raghuram G. Rajan, (9/98)

TFPG Controversies, Institutions, and Economic Performance in East Asia by Dani Rodrik NBER Working Paper No. 5914, February 1997

Prospective Deficits and the Asian Currency Crisis by Burnside, Eichenbaum and Rebelo (10/98)

The Economic Miracle in a Haze by Manuel F. Montes

Sequencing Capital Account Liberalization - Lessons from the Experiences in Chile, Indonesia, Korea, and Thailand by Johnston, R Barry, Darbar, Salim M and Echeverria, Claudia; IMF Working Paper

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Developments in East Asia and their implications for the UK and Europe by Ray Barrell and Nigel Pain

Currency Crises: Is Asia Different? by Markus Diehl and Rainer Schweickert

The continuing Asian Financial Crisis: Global Adjustment and Trade by Marcus Noland, Sherman Robinson and Zhi Wang (1/99)

Speculative Capital Inflows and Exchange Rate Targetting in the Pacific Basin: Theory and Evidence by Ken Kletzer and Mark Spiegel, (9/96)

Current Account Sustainability: Selected East Asian and Latin American by Gian Maria Milesi-Ferretti and Assaf Razin; NBER Working Paper No. 5791

Exorcising Asian Debt: Lessons from Latin American Rollovers, Workouts, and Writedowns by Vinod K. Aggarwal

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation--with Reference to the Asian Financial Crisis
by Jorge A. Chan-Lau and Zhaohui Chen (IMF August 1998)

The East Asian Financial Crises: An Analytical Survey by Pablo Bustelo (10/98)

The Global Financial Crisis: a "Centre for the Study of Globalisation and Regionalisation" Perspective

"Contagion, Monsoons, and Domestic Turmoil in Indonesia: A Case Study in the Asian Currency Crisis" by Valerie Cerra and Sweta Chaman Saxena (10/98)

"Monetary Policy in the Aftermath of Currency Crises: the Case of Asia" by Ilan Goldfajn and Taimur Baig (10/98)

The impact of the East Asian Crisis on Thailand, a Micro Survey Study by Gerard Adams

"Currency Crisis in Korea: How Has It Been Aggravated?" by Daekeun Park and Changyong Rhee

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Empirical Papers on Currency Crises, External Imbalances and Balance of Payments Crises:

A series of papers on currency crises and a monograph on the 1992-93 ERM Crisis by Willem Buiter, Giancarlo Corsetti and Paolo Pesenti from the homepage of Prof. Giancarlo Corsetti at Yale University

The Twin Crises: The Causes of Banking and Balance-of-Payments Problems by Graciela Kaminsky and Carmen Reinhart

Financial Crises in Latin America: Then and Now by Graciella Kaminsky and Carmen Reinhart

Contagious Currency Crises by Barry Eichengreen, Andrew K. Rose and Charles Wyplosz; NBER Working Paper No. 5681

Leading Indicators of Currency Crises by Graciella Kaminsky, Saul Lizondo and Carmen Reinhart

The Collapse of the Mexican Peso: What Have We Learned? by Jeffrey Sachs, Aaron Tornell and Andres Velasco; NBER Working Paper No. 5142

Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System by Barry Eichengreen, Andrew K. Rose and Charles Wyplosz; NBER Working Paper No. 4898

Financial Crises in Emerging Markets: The Lessons from 1995 by Jeffrey Sachs, Aaron Tornell and Andres Velasco; NBER Working Paper No. 5576

"Crisis Management in Argentina during the 1994-95 Mexican Crisis: How Did Markets React?" by Eduardo J. J. Ganapolsky and Sergio L. Schmukler (7/98)

A Retrospective on the Debt Crisis by Michael P. Dooley; NBER Working Paper No. 4963

Sharp Reductions in Current Account Deficits: An Empirical Analysis by Milesi Ferretti, Gian Maria and Razin, Assaf; IMF Working Paper

Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the ERM since August 1993 by Leonardo Bartolini and Alessandro Prati, IMF (12/98)

"Why Is 'The Market' So Unforgiving" by Guillermo A. Calvo

A Survey of Empirical Research on Nominal Exchange Rates by Jeffrey A. Frankel and Andrew K. Rose; NBER Working Paper No. 4865

Second Thoughts on Second Moments: Panel Evidence on Asset-Based Models of Currency Crises by Arturo J. Galindo and William F. Maloney (6/98)

The Aftermath of Appreciations by Ilan Goldfajn and Rodrigo O. Valdes; NBER Working Paper No. 5650

The Mexican Peso Crisis? How Much Did We Know? When Did We Know It? by Sebastian Edwards; NBER Working Paper No. 6334

The Morning After: The Mexican Peso in the Aftermath of the 1994 Currency Crisis by Sebastian Edwards and Miguel A. Savastano NBER Working Paper No. 6516

Empirical Puzzles of Chilean Stabilization Policy by Guillermo A. Calvo and Enrique G. Mendoza

Whither the World Bank and the IMF? by Anne O. Krueger NBER Working Paper No. 6327

Are Currency Crises Predictable? by Goldfajn, Ilan and Valdes, Rodrigo O; IMF Working Paper

Currency Boards: The Ultimate Fix? by Ghosh, Atish R, Gulde, Anne-Marie and Wolf, Holger C; IMF Working Paper

Making a Currency Board Operational by Enoch, Charles and Gulde, Anne Marie; IMF Working Paper

"Currency Crisis and Unemployment: Sterling in 1931" by Barry Eichengreen and Olivier Jeanne NBER Working Paper No. 6563, May 1998

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Comments by T.N. Srinivasan on Jeff Sachs' views of Financial Crises

An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1997 by Jose M. Campa, P.H. Kevin Chang and James F. Refalo NBER Working Paper No. W6929 (2/99)

What Macroeconomic Policies Are "Sound?" by Mansoor Dailami and Nadeem ul Haque, World Bank (10/98)

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Current Account Deficits and their Sustainability:

Sustainability of Persistent Current Account Deficits by Gian Maria Milesi-Ferretti and Assaf Razin; NBER Working Paper No. 5467

Current Account Sustainability: Selected East Asian and Latin American Experiences by Gian Maria Milesi-Ferretti and Assaf Razin; NBER Working Paper No. 5791

A paper I wrote (with Paul Wachtel) on currency and external balance problems in transition economies. We discuss the risks that the currency crisis will spread to Eastern Europe

Sustainable and Excessive Current Account Deficits by Helmut Reisen (OECD 2/98)

Current Accounts - What is Their Relevance for Economic Policymaking? by Malcom Knight and Fabio Scacciavillani (IMF Working Paper, 1998)

Current Account Reversals and Currency Crises: Empirical Regularities by Gian Maria Milesi-Ferretti and Assaf Razin NBER WP #6620 (7/98)

Notes on Intertemporal Trade in Goods and Money by Rudi Dornbusch (7/98)

Recent G3 Current Account Imbalances: How Important are Structural Factors? by Richard Clarida and Joe Prendergast NBER Working Paper No. W6935 (2/99)

Current Accounts in Debtor and Creditor Countries by Aart Kraay and Jaume Ventura, World Bank (9/97)

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Theoretical Studies and Models of Currency Collapse:

"Inflation Stabilization and BOP Crises in Developing Countries" by Guillermo A. Calvo and Carlos A. Vegh, NBER WP No. 6925 (2/99)

"Arbitrage mechanism leading to currency crises: a theoretical perspective" by Lilia Cavallari and Giancarlo Corsetti (paper in Postscript ps. format)

"Balance of Payment Crises In Emerging Markets" by Guillermo A. Calvo

"Varieties of Capital-Market Crises" by Guillermo A. Calvo

"Paper Tigers? A Preliminary Assessment of the Asian Crisis" by Nouriel Roubini, Giancarlo Corsetti and Paolo Pesenti (June 1998) (the file is in PDF format)

"Krugman Balance of Payments Crises: Are They for Real?'' by Carlos Vegh and Amartya Lahiri, November 1997

Models of Currency Crises with Self-Fulfilling Features by Maurice Obstfeld; NBER Working Paper No. 5285

Financial Fragility and the Exchange Rate Regime by Roberto Chang and Andres Velasco NBER Working Paper No. 6469

A Model of Crises in Emerging Markets by Michael P. Dooley; NBER Working Paper No. 6300

The Syndrome of Exchange-Rate-Based Stabilizations and the Uncertain Duration of Currency Pegs by Enrique G. Mendoza and Martín Uribe

The Operation and Collapse of Fixed Exchange Rate Regimes by Peter M. Garber, Lars E.O. Svensson; NBER Working Paper No. 4971

Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations by Enrique G. Mendoza and Martin Uribe NBER Working Paper No. W7014 (3/99)

Notes on Intertemporal Trade in Goods and Money by Rudi Dornbusch (7/98)

The Mirage of Fixed Exchange Rates by Maurice Obstfeld and Kenneth Rogoff ; NBER Working Paper No. 5191

Collapsing Exchange Rate Regimes: Another Linear Example by Robert P. Flood, Peter M. Garber and Charles Kramer; NBER Working Paper No. 5318

Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies by Robert P. Flood and Nancy P. Marion; NBER Working Paper No. 5789

The Logic of Currency Crises by Maurice Obstfeld; NBER Working Paper No. 4640

Hot Money by V. V. Chari and Patrick Kehoe; NBER Working Paper No. 6007

Central Bank Vulnerability and the Credibility of Commitments - A Value-at-Risk Approach to Currency Crises by Mario I. Blejer, Mario and Liliana Schumacher, IMF Working Paper

The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes: A Theoretical Model by Liang Hong, IMF (12/98)

The Optimal Choice of Exchange-Rate Regime: Price-Setting Rules and Internationalized Production by Michael B. Devereux and Charles Engel NBER Working Paper No. W6992 (3/99)

International Experiences with Different Monetary Policy Regimes by Frederic S. Mishkin NBER Working Paper No. W6965 (2/99)

The Distribution of Exchange Rate Volatility by Torben Anderson, Tim Bollerslev, Francis X. Diebold and Paul Labys NBER Working Paper No. W6961 (2/99)

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Other papers on Asian Economies:

Issues in Korean Exchange Rate Policy by Stanley W. Black; NBER Working Paper No. 5747

Understanding China's Economic Performance by Jeffrey D. Sachs and Wing Thye Woo; NBER Working Paper No. 5935

"The U.S.-China Bilateral Trade Balance: Its Size and Determinants by Robert C. Feenstra, Wen Hai, Wing T. Wood, and Shunli Yao NBER Working Paper No. 6598, June 1998

Export Credit Agencies, Trade Finance and South East Asia by Malcolm Stephens IMF Working Paper WP/98/175 (1/99)

Foreign Direct Investment, Trade and Real Exchange Rate Linkages in Southeast Asia and Latin America by Linda S. Goldberg and Michael W. Klein NBER Working Paper No. 6344

China's Trade Flows-Changing Price Sensitivies and the Reform Process by Valerie Cerra and Anuradha Dayal-Gulat, IMF Working Paper WP/99/1 (2/99)

In Search of Capital Crunch - Supply Factors Behind the Credit Slowdown in Japan by David Woo IMF Working Paper WP/99/3 (2/99)

The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates by Menzie David Chinn; NBER Working Paper No. 6108

The Yen and Its East Asian Neighbors, 1980-95: Cooperation or Competition? by Shinji Takagi; NBER Working Paper No. 5720

Growth and Productivity in ASEAN Countries by Michael Sarel IMF Working Paper WP/97/97

Economic Effects of the APEC Trade Liberalization analysis by CGE Model Simulations by Kenichi Kawasaki (6/98)

East Asian Growth Before and After the Crisis by Nicholas Crafts

East Asian Cooperation in Response to the Regional Crisis: A Case of Self-help or no Help? by Chang Li lin and Ramkishen S. Rajan (1/99)

The impact of the East Asian Crisis on Thailand, a Micro Survey Study by Gerard Adams and Heidi Vernon (1988)

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International Capital Mobility and Financial Fragility:

International Capital Markets Developments, Prospects, and Key Policy Issues; IMF November 1997

Understanding Financial Crises: A Developing Country Perspective by Frederic S. Mishkin; NBER Working Paper No. 5600

The Twin Crises: The Causes of Banking and Balance-of-Payments Problems by Graciela L. Kaminsky and Carmen M. Reinhart

Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises by Barry Eichengreen and Andrew K. Rose; NBER Working Paper No. 6370

"Foreign Portfolio Investors Before and During a Crisis" by Woochan Kim and Shang-Jin Wei NBER WP No. 6968 (2/99)

Globalized Financial Markets and Financial Crises by Charles Wyplosz (3/98)

"Financial Crises in Emerging Markets: A Canonical Model" by Roberto Chang and Andres Velasco NBER Working Paper No. 6606, June 1998

Rational Herd Behavior and the Globalization of Securities Markets by Guillermo A. Calvo and Enrique G. Mendoza

Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility by Philippe Bacchetta and Eric van Wincoop NBER Working Paper No. 6530

Country Funds and Asymmetric Information by Jeffrey A. Frankel and Sergio L. Schmukler, World Bank (2/98)

Financial Liberalization and Financial Fragility by Asli Demirguc-Kunt and Enrica Detragiache IMF Working Paper WP/98/83, 1998

Capital Inflows into Latin America: A Stop-Go Story? by Sebastian Edwards NBER Working Paper No. 6441

"Do Depositors Punish Banks for "Bad" Behavior? Market Discipline in Argentina, Chile, and Mexico" by Maria Soledad Martinez Peria and Sergio L. Schmukler, World Bank (2/99)

Volatility and Financial Intermediation by Joshua Aizenman and Andrew Powell NBER Working Paper No. 6320

Foreign Speculators and Emerging Equity Markets by Geert Bekaert and Campbell R. Harvey; NBER Working Paper No. 6312

Risks to Lenders and Borrowers in International Capital Markets" by Benjamin E. Hermalin and Andrew K. Rose, NBER WP # 6886 (1/99)

What Will Technology Do to Financial Structure? by Fredric S. Mishkin and Philip E. Strahan NBER Working Paper No. 6892 (1/99)

Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets by Garry Schinasi and Todd Smith IMF Working Paper WP/98/173 (1/99)

Offshore Banking-An Analysis of Micro- and Macro-Prudential Issues by Luca Errico IMF Working Paper WP/99/5 (2/99)

Flight Capital as a Portfolio Choice by Paul Collier, Anke Hoeffler and Catherine Pattillo, World Bank (2/99)

Does a Thin Foreign Exchange Market Lead to Destabilizing Capital-Market Speculation in the Asian Crisis Countries? by Hong G. Min and Judith A. McDonald, World Bank (2/99)

Dynamic Capital Mobility, Capital Market Risk, and Exchange Rate Misalignment: Evidence from Seven Asian Countries by Hong G. Min, World Bank (2/98)

The Real Impact of Financial Shocks: Evidence from the Republic of Korea by Ilker Domaç and Giovanni Ferri, World Bank (11/98)

International Capital Flows and National Creditworthiness-Do the Fundamental Things Apply as Time Goes By? by Paul Cashin and John McDermott IMF Working Paper WP/98/172 (1/99)

Have the Markets Gone Crazy?: The Brazilian and Other Currency Crises of the 1990s by Ramkishen S. Rajan (1/99)

Does Mercosur Need a Single Currency? by Barry Eichengreen NBER WP #6821 (12/98)

Risk Management of Sovereign Assets and Liabilities by Cassard, Marcel and Folkerts-Landau, David; IMF Working Paper

The Prudential Regulation and Management of Foreign Exchange Risk by Richard K. Abrams and Paulina Beato IMF Working Paper

Betting Against The State: Socially Costly Financial Engineering by Guillermo Calvo (7/98)

Transparency in Central Bank Operations in the Foreign Exchange Market by Charles Enoch, IMF Working Paper

"Local Return Factors and Turnover in Emerging Stock Markets" by Geert Rouwenhorst (11/98)

Capital Flows to Central and Eastern Europe and the Former Soviet Union by Stijn Claessens, Daniel Oks, and Rossana Polastri (9/98)

Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies? by Christian Jochum and Laura Kodres, IMF Working Paper

Transformations to Open Market Operations: Developing Countries and Emerging Markets by Stephen H. Axilrod (IMF)

Does Exchange Rate Stability Increase Trade and Capital Flows? by Philippe Bacchetta and Eric van Wincoop (7/98)

Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications by Assaf Razin, Efraim Sadka and Chi-Wa Yuen, IMF (12/98)

Stock Market Crises in Developed and Emerging Markets by Sandeep Patel and Asani Sarkar (4/98)

Bank Capital and Portfolio Management: The 1930's Capital Crunch and Scramble to Shed Risk by Charles W. Calomiris and Berry Wilson NBER WP #6649 (7/98)

Capital Movements, Asset Values, and Banking Policy in Globalized Markets by Edward J. Kane NBER WP #6633 (7/98)

Corporate Ownership Around the World by Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer NBER WP #6625 (7/98)

Comparing Capital Mobility Across Provincial and National Borders by John F. Helliwell and Ross McKitrick NBER WP #6624 (7/98)

Derivatives in International Capital Flow by Peter M. Garber NBER WP #6623 (7/98)

Volatility and the Welfare Costs of Financial Integration by Pierre-Richard Agenor and Joshua Aizenman NBER WP #6782 (11/98)

Impacts of the Basle Capital Standard on Japanese Banks' Behavior by Takatoshi Ito and Yuri Nagataki Sasaki NBER WP #6730 (10/98)

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods by Bernard Dumas and Raman Uppal NBER Working Paper No. 6994 (3/99)

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Studies of Contagion:

Trade and Contagious Devaluations: A Welfare-Based Approach by Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini and Cedric Tille (revised December 1998)

Contagion and Trade: Why Are Currency Crises Regional? by Reuven Glick and Andrew K. Rose NBER WP #6806 (11/98)

Measuring Stock Market Contagion: Conceptual Issues and Empirical Tests by Kristin Forbes and Roberto Rigobon (8/98)

Volatility and Contagion in a Financially Integrated World: Lessons from East Asia's Recent Experience by Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Gosh, and Leonardo Hernandez (11/98)

Understanding The Russian Virus (with special reference to Latin America) by Guillermo Calvo (10/98)

Contagion, Bank Lending Spreads and Output Fluctuations by P.R. Agenor, J. Aizenman and A. Hoffmaister NBER WP #6850 (12/98)

The Channels for Financial Contagion, Matt Pritsker

Crisis Transmission: Evidence from the Debt, Tequila, and Asian Flu Crises, Jose De Gregorio, and Rodrigo O. Valdes.

Financial Contagion in the East Asian Crisis-With Special Reference to the Republic of Korea, Yung Chul Parkand Chi-Young Song

Financial Contagion: Spillovers through Banking Centers, Caroline Van Rijckeghem and Beatrice Weder

International Contagion: Implications for Policy, Roberto Chang and Giovanni Majnoni, October 1999.

The International Transmission of Financial Crises before World War II: Was there Contagion?Michael D. Bordo and Antu P. Murshid, November 1999.

Looking for Contagion: Evidence from the 1992 ERM Crisis, Carlo A. Favero and Francesco Giavazzi