The Russian Default and the Contagion to Brazil Taimur Baig

ISBN: 9786613800541

Published: October 1st 2000

ebook

98 pages


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The Russian Default and the Contagion to Brazil  by  Taimur Baig

The Russian Default and the Contagion to Brazil by Taimur Baig
October 1st 2000 | ebook | PDF, EPUB, FB2, DjVu, AUDIO, mp3, RTF | 98 pages | ISBN: 9786613800541 | 4.75 Mb

In the aftermath of the Russian crisis of August 1998, a series of events led to the Brazilian crisis that culminated in the floating of the real on January 1999. The timing of the events led academic and policy making observers to suspect that thereMoreIn the aftermath of the Russian crisis of August 1998, a series of events led to the Brazilian crisis that culminated in the floating of the real on January 1999.

The timing of the events led academic and policy making observers to suspect that there was a contagion from the Russian crisis to Brazil. If true, the transmission of pressure from Russia to Brazil would be somewhat of a special case among the financial crises episodes seen in the 1990s. In contrast to the Mexican (1994) and Thai (1997) crises, the Russian contagion to Brazil appears to have crossed regional borders, leading to a number of interesting questions. Given the lack of substantial trade and direct financial linkages, why did the Russian devaluation prompt capital flight from Brazil?

Why did some countries with similar fundamentals and economic links did not have a crisis (as for example Hungary)? In this paper, we attempt to verify the contagion presumption, and analyze related issues that can shed light on our current understanding of financial crises and contagion.



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