There is considerable disagreement among analysts about the extent to which the spread of the Asian crisis was based on reasonable changes in expectations about fundamentals versus pure contagion effects resulting from imperfections in the behavior of currency and financial markets. In this...

The rash of international financial crises in the 1990s have stimulated great interest in models to predict crises and explain the patterns of contagion that follow crisis. In both of these respects analysis of the Asian crisis has proven to be quite controversial. While some economists have...