This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of...

This paper is concerned with the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass contagiously from one country to another. The paper provides a survey of the theoretical literature, and analyzes the contagious nature of...

I. Background. 1 Introduction -- 2 A century of capital flows -- II. Capital account liberalization. 3 Capital account liberalization : what do the cross-country studies tell us? -- 4 When does capital account liberalization help more than it hurts? with Carlos Arteta and Charles Wyplosz -- III....