This paper develops an empirical framework to determine if the Asian currency crisis was contagious, and if so, whether the contagion was warranted or unwarranted. By applying a monetary-portfolio model to monthly data for 1991-1998, our results show that short-run variations in exchange rates...

Research typically treats exchange rate regime selection as exogenous. Using the Asian Financial Crisis as a case study, we show that countries that peg in 1996 and countries that float in 1996 are, on average, different from each other on variables that affect the outcomes of interest. After...

Comovements of exchange rates before and during Asian financialcrisis are examined using cross-spectral methodology. The paper proposes and implements a simple frequency-domain-based test for contagion that avoids biases of the correlation breakdown tests used in the extant literature. The Asian...

Ende der 1970er Jahre hielten die Reformer in China viel von der deutschen Wirtschaftsordnung. Sie sahen in der Sozialen Marktwirtschaft eine Verbindung von marktwirtschaftlicher Dynamik und stabilisierender Planung. Sie bereisten Deutschland, sahen sich