TY - BOOK ID - 84543133 TI - Are Financial Crises Alike? AU - Tang, Chrismin. AU - Dungey, Mardi. AU - Martin, Vance. AU - Gonzalez-Hermosillo, Brenda. AU - Fry, Renee. PY - 2010 SN - 1462302270 1452784353 1283564505 1451918631 9786613876959 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Contagion (Social psychology). KW - Finance. KW - Financial crises. KW - Crashes, Financial KW - Crises, Financial KW - Financial crashes KW - Financial panics KW - Panics (Finance) KW - Stock exchange crashes KW - Stock market panics KW - Crises KW - Funding KW - Funds KW - Economics KW - Currency question KW - Social contagion KW - Social psychology KW - Memetics KW - Finance: General KW - Financial Risk Management KW - Investments: Bonds KW - Investments: Stocks KW - Model Construction and Estimation KW - International Financial Markets KW - General Financial Markets: General (includes Measurement and Data) KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - Financial Crises KW - Finance KW - Investment & securities KW - Economic & financial crises & disasters KW - Securities markets KW - Stock markets KW - Bonds KW - Stocks KW - Financial crises KW - Financial markets KW - Financial institutions KW - Capital market KW - Stock exchanges KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84543133 AB - This paper investigates whether financial crises are alike by considering whether a single modeling framework can fit multiple distinct crises in which contagion effects link markets across national borders and asset classes. The crises considered are Russia and LTCM in the second half of 1998, Brazil in early 1999, dot-com in 2000, Argentina in 2001-2005, and the recent U.S. subprime mortgage and credit crisis in 2007. Using daily stock and bond returns on emerging and developed markets from 1998 to 2007, the empirical results show that financial crises are indeed alike, as all linkages are statistically important across all crises. However, the strength of these linkages does vary across crises. Contagion channels are widespread during the Russian/LTCM crisis, are less important during subsequent crises until the subprime crisis, where again the transmission of contagion becomes rampant. ER -