Fratzscher, Marcel - 2021
This paper analyzes the role of contagion in the currency crises in emerging markets during the 1990s. It employs a non …: contagion, weak economic fundamentals, and sunspots, i.e. unobservable shifts in agents' beliefs. Testing this model empirically … through Markov-switching and panel data models reveals that contagion, i.e. a high degree of real integration and financial …
