A Literature Review of Spillover Effects of International Financial Crisis

Wanxian Li

《World Scientific Research Journal》 7卷2期 (2021/02) Pp. 215-221

https://doi.org/10.6911/WSRJ.202102_7(2).0027

摘要

Since the end of the 20th century, almost all the financial crises around the world have been infectious cross‐border. As the global economy becomes more interconnected, cross‐border spillovers of financial crises become more rapid. It has become concerned and appeals scholars to study the cross‐border spillover mechanism of financial crisis and explore the effective measures to mitigate the external financial impact. This paper reviews the previous research of the spillover effect of international financial crisis, and points out the fields less involved in the current research, and puts forward some suggestions for future research direction and innovative perspective.

關鍵字

Financial crisis ； Spillover effect ； Financial stress

參考文獻

C. van Rijckeghem and B. Weder(2001). Sources of Contagion: is it Finance or Trade?. Journal of International Economics, vol.54, p.293–308.

K. J. Forbes(2000). The Asian flu and Russian virus: the International Transmission of Crises in Firm-level Data.Working Paper Series7807.National Bureau of Economic Research.

G. Corsetti, P. Pesenti, N. Roubini and C. Tille(1999). Competitive Devaluations: A Welfare-Based Approach.Working Paper 6889,National Bureau of Economic Research.

K. Moriyama(2010). The Spillover Effects of the Global Crisis on Economic Activity in MENA Emerging Market Countries—An Analysis Using the Financial Stress Index. Working Paper, International Monetary Fund.

K. J. Forbes(2002). Are Trade Linkages Important Determinants of Country Vulnerability to Crises?. Preventing Currency Crises in Emerging Markets, pp.77-130.