Cargando…
The uncertainty channel of contagion /
The 2007 subprime crisis in the U.S. triggered a succession of financial crises around the globe, reigniting interest in the contagion phenomenon. Not all crises, however, are contagious. This paper models a new channel of contagion where the degree of anticipation of crises, through its impact on i...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
|
| Colección: | IMF working paper ;
WP/09/219. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | The 2007 subprime crisis in the U.S. triggered a succession of financial crises around the globe, reigniting interest in the contagion phenomenon. Not all crises, however, are contagious. This paper models a new channel of contagion where the degree of anticipation of crises, through its impact on investor uncertainty, determines the occurrence of contagion. Incidences of surprise crises lead investors to doubt the accuracy of their information gathering technology, which endogenously increases the probability of crises elsewhere. Anticipated crisis, instead, have the opposite effect. Importantly, this channel is empirically shown to have an independent effect beyond other contagion channels. |
|---|---|
| Descripción Física: | 1 online resource (40 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 39-40). |
| ISBN: | 9781452796475 1452796475 1451917864 9781451917864 1462361811 9781462361816 9786612844232 661284423X 1282844237 9781282844230 |
| ISSN: | 2227-8885 ; |