each type of crises has a unique set of macroeconomic causes. We also identify internal contagion and selection bias …

This paper develops a quantitative model of contagion of financial crisis and sovereign default for small open … explanation of the contagion of financial crises. The model shows that whenever a country suffers a domestic shock that forces it …, producing a contagion of the crisis in those countries whose fundamentals are not solid enough. Also, even when the crisis in a …

doing so in the crisis period. The estimates suggest that for both the pre-crisis and crisis periods, contagion is generally …