This paper examines the empirical literature on financial market contagion in Asia during the 1997-98 financial crises with respect to existing tests of contagion. Empirical evidence shows that contagion affects both developed and emerging markets and does not seem to vary with the relative...

The behaviour of real estate markets during the 1997–98 Financial crisis in Asian economies has received little attention despite the extensive research on other asset markets over this time. This paper examines the transmission of shocks across national real estate markets prior to and during...

There is a large literature on the influence of commodity prices on the currencies of countries with a large commodity-based export sector, such as Australia, New Zealand, and Canada ("commodity currencies"). There is also the idea that because of pricing power, the value of currencies of...

The paper provides a review of the estimation of structural vector autoregressions with sign restrictions. It is shown how sign restrictions solve the parametric identification problem present in structural systems but leaves the model identification problem unresolved. A market and a macro...

Good economic management depends on understanding shocks from monetary policy, fiscal policy and other sources affecting the economy and their subsequent interactions. This paper presents a new methodology to disentangle such shocks in a structural VAR framework. The method combines...

This chapter examines crisis propagation mechanisms to the Southeast European exchange-rate markets during the 1998 Russian crisis and the Turkish crisis of 2001. It focuses on whether and how the crises spread to these markets after interdependencies and common external shocks are accounted...