Financial Market Spillovers: How Different are the Transition Economies?

  • Gaston Gelos
  • Ratna Sahay


Motivated by recent financial crises, a large number of theoretical and empirical studies are attempting to understand how financial market shocks are transmitted across countries. Some of this research takes the form of large cross-country studies aimed at assessing the importance of “contagion” effects.1 Other studies focus on regional spillovers around a single event, mainly in Asia and Latin America.2 This chapter takes a closer look at the experience of transition economies. It documents spillover patterns and attempts to draw policy lessons from them.3


Stock Market Stock Return Granger Causality Transition Economy Impulse Response Function 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Gaston Gelos
    • 1
  • Ratna Sahay
    • 1
  1. 1.International Monetary FundUSA

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