Contagion,herding and exchange-rate instability — A survey |
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Authors: | Ansgar Belke Ralph Setzer |
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Institution: | (1) University of Hohenheim, Germany |
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Abstract: | Despite the considerable body of literature on the subject of currency crises there is still very little agreement on the
true drivers of these, crises and their transmission across countries. This article focuses in particular on the role of herd
behaviour and financial contagion, and the high exchange-rate. volatility which is a direct consequence of these. It also
looks at the adverse macroeconomic consequences of episodes with high exchange-rate volatility, especially in terms of labour
market performance. |
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Keywords: | |
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