depends on contagion and that this effect may result from business connections between institutions or from similarities …

We use a spatial Probit model to study the effect of contagion between banking systems of different countries. Applied … to the late 1990s banking crisis in Asia we show that the phenomena of contagion is better seized using a spatial than a … effects of contagion that result from the outbreak of one initial crisis in one country or system. These contagion effects may …

contagion over but these measures become less effective when the shock is very large, when the situation is best addressed by …

integration has been a major vector of contagion, and even more so when cross-border bank lending was primarily short …-term. Vulnerability to contagion has been lower when global liquidity has been abundant, underlining the importance of major central banks …, typically through their effects on the composition of the external financial account or on the vulnerability to contagion …

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 …

of our analysis are consistent with the contagion hypothesis. …

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 …