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Explores why some financial crises appear to be contagious, and why some financial markets in emerging market countries appear to be vulnerable to contagion whereas others are not. The authors analyze multicountry crisis episodes from January 1989 to August 1997 and develop four informal models of transition mechanisms: (1) "Economic linkages" describes the case where a foreign financial crisis acts as a common shock to countries with strong economic linkages to the country in crisis; (2) "heightened awareness" suggests that investors with incomplete information may ignore poor economic conditions in some countries until a crisis occurs somewhere else, at which point they dump their investments in those countries; (3) "portfolio adjustment" describes what happens when liquidity-constrained portfolio managers sell off other countries' assets in order to meet an expected increase in redemptions from a country in crisis; (4) "herd behavior" is probably the most widely accepted view of contagion, suggesting that investors abandon their investments largely in response to what they think other investors are doing. Finally, case studies of Argentina, South Africa, and Thailand illustrate the usefulness of the models.

Financial crises. --- Financial crises

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Responder a nuevos retos implica adoptar marcos de referencia más ambiciosos, diseñar herramientas más eficaces y proponer políticas más precisas que tomen en cuenta su carácter complejo y multidimensional. La meta es tener una idea más clara de cómo las economías funcionan en realidad y cómo articular estrategias que reflejen este entendimiento. La iniciativa de la OCDE Nuevos Enfoques ante los Retos Económicos (NAEC, por sus siglas en inglés) cuestiona nuestros supuestos y nuestro entendimiento del funcionamiento de la economía. En esta colección de Esenciales OCDE se resumen las opiniones de expertos internos y externos a la Organización sobre cómo puede la NAEC contribuir a lograr los ODS y describe de qué manera la OCDE pone sus capacidades de estadística, seguimiento y análisis al servicio de la comunidad internacional.

Financial crises.

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This publication provides comprehensive data on the volume, origin and types of aid and other resource flows to around 150 developing countries. The data show each country's receipts of official development assistance as well as other official and private funds from members of the Development Assistance Committee of the OECD, multilateral agencies and other key providers. Key development indicators are given for reference.

Financial crises

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Financial crises

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The Fund, called on to support a global response to the global crisis, has delivered with strengthened surveillance, policy advice and financing with modernized instruments. As I noted in Istanbul, where the membership expressed its appreciation for these accomplishments, we need to focus in the months ahead on four key reform areas-the Istanbul decisions, namely our mandate, our financing role, multilateral surveillance, and governance-while supporting the consolidation of the nascent upturn and helping to establish a stronger post-crisis global economy. Building on the work that we have completed in recent months (Table 1), the noncountry work program set out in Table 2 (which leaves aside country items such as Article IVs and program reviews) aims to accomplish these objectives. This work program is no less ambitious and taxing than the one we have just completed, but I am sure that we can successfully meet this challenge.

Financial crises.