dc.creator | Dungey, Mardi | |
dc.creator | Tambakis, Demosthenes N | |
dc.date.accessioned | 2018-11-24T13:10:43Z | |
dc.date.available | 2010-05-28T12:03:20Z | |
dc.date.available | 2018-11-24T13:10:43Z | |
dc.date.issued | 2003-07 | |
dc.identifier | http://www.dspace.cam.ac.uk/handle/1810/225207 | |
dc.identifier.uri | http://repository.aust.edu.ng/xmlui/handle/123456789/2822 | |
dc.description.abstract | This paper attempts a synthesis of theoretical and empirical work on international financial contagion. Although a professional consensus on the appropriate definitions of contagion has yet to emerge, we document substantial research progress towards this goal. On the empirical front, determining when returns are ‘excessive’ is a pre-condition for designing effective policy response to crises. At the theoretical level, tracing the observed herding behavior to market participants’ uncertain beliefs and information asymmetries is a key element for understanding how contagious effects arise. It is argued that the recent focus on better understanding of high-frequency financial returns data and decision making at the market microstructure level are promising avenues for understanding the transmission of shocks across markets and countries. | |
dc.language | en | |
dc.publisher | CFAP, Cambridge Judge Business School, University of Cambridge | |
dc.subject | international financial contagion | |
dc.subject | crises | |
dc.subject | fundamentals | |
dc.subject | policy response | |
dc.subject | IMF | |
dc.title | International financial contagion: what do we know? | |
dc.type | Working Paper | |