The 2007 subprime crisis in the United States has 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...
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详细
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2009/07/01
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政策研究报告
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WPS4995
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1
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1
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2010/07/01
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Disclosed
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The uncertainty channel of contagion
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Poverty Reduction & Economic Management