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  1. A wake-up call theory of contagion
    Erschienen: [2022]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We offer a theory of financial c ontagion b ased o n t he i nformation c hoice o f i nvestors after observing a financial crisis e lsewhere. We study global coordination games of regime change in two regions linked by an initially unobserved macro... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 534
    keine Fernleihe

     

    We offer a theory of financial c ontagion b ased o n t he i nformation c hoice o f i nvestors after observing a financial crisis e lsewhere. We study global coordination games of regime change in two regions linked by an initially unobserved macro shock. A crisis in region 1 is a wake-up call to investors in region 2. It induces them to reassess the regional fundamental and acquire information about the macro shock. Contagion can occur even after investors learn that region 2 has no ex-post exposure to region 1. We explore normative and testable implications of the model. In particular, our results rationalize evidence about contagious currency crises and bank runs after wake-up calls and provide some guidance for future empirical work.

     

    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289951074
    Weitere Identifier:
    hdl: 10419/264483
    Schriftenreihe: Working paper series / European Central Bank ; no 2658 (May 2022)
    Schlagworte: wake-up call; information choice; financial crises; contagion; bankrun; global games; fundamental re-assessment
    Umfang: 1 Online-Ressource (circa 72 Seiten)