Contagion of International Financial Crises: The Case of Mexico

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Mexico was the epicenter of the 1994–1995 Tequila crisis in which many new features of emerging markets’ crises made their appearance. In particular, the issue of whether contagion was present caught the attention of several authors (For example, Valdés (1997), Sachs, Tornell and Velasco (1996) and Calvo and Reinhart (1996)). Since then, the Asian, Russian and Brazilian crises have motivated numerous papers that suggest that writing about contagion might also be contagious.

The opinions expressed in this document are those of the authors and do not necessarily reflect those of Banco de Mexico. We are grateful to Guillermo Perry and Soledad Martinez Peria.