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003			arcduce
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008			100625s2000 dcu||||| |||| 00| 0 eng d
040			_aarcduce
082			_a332.042
090			_c17211 _d17211
100			_aChang, Roberto
245			_aInternational contagion : _bimplications for policy _c/ Roberto Chang, Giovanni Majnoni
260			_bWorld Bank _aWashington, D.C. _c2000
300			_a34 p.
490			_aPolicy research working paper _vno.2306
504			_aIncluye bibliografía
520			_aThe authors try to identify and evaluate the public policy implications of financial crises. In this model, financial contagion can be driven by a combination of fundamentals and by self-fulfilling market expectations. The model allows the authors to identify different notions of contagion, especially the distinction between " monsoonal effects " , " spillovers " , and " switchers between equilibria " . They discuss both domestic and international policy options. Domestic policies, they say, should be aimed at reducing financial fragility - that is, reducing unnecessary short-term debt commitments. With explicit commitments, the maturity of external debts should be lengthened. With implicit commitments, such as private liability guarantees, they emphasize limiting or eliminating such guarantees, to improve an economy ' s international liquidity and reduce its exposure to contagion. Internationally, they stress the need for improving financial standards, which makes it easier to assess when a country is subject to different kinds of contagion. The effectiveness of international rescue packages depends on the kind of contagion to which a country is exposed. Implications: the international community should help those countries that are already helping themselves.
650			_aCRISIS FINANCIERA
650			_aPOLITICA MONETARIA INTERNACIONAL
650			_aTIPO DE CAMBIO
650			_aLIQUIDEZ INTERNACIONAL
653			_aCAMBIO EXTERIOR
700			_aMajnoni, Giovanni
710			_aBanco Mundial
942			_cDOCU _jF 332.042 Ch 20643
999			_c17179 _d17179