related payment and settlement systems. At the heart of systemic risk are contagion effects, various forms of external effects … rigorous models of bank and payment system contagion have now been developed, although a general theoretical paradigm is still … missing. Direct econometric tests of bank contagion effects seem to be mainly limited to the United States. Empirical studies …

This paper investigates contagion effects. In a model with highly and lowly informed investors we show that a currency … (1997/98). Using a LOGIT approach we can show that contagion, in the sense of a crisis not explainable by economic …

This paper investigates contagion effects. In a model with highly and lowly informed investors we show that a currency … (1997/98). Using a LOGIT approach we can show that contagion, in the sense of a crisis not explainable by economic …

fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …

fiscal guarantees, respectively occurring in November 2009 and February/March 2010. We argue that the risk of contagion to …

possible. Essay 3 studies financial contagion and develops a model of the international financial system.It uses a basic model … and global banks and the fall in collateral prices comprise an important channel and reason for contagion. Essay 4 …