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Information acquisition and financial contagion

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorSamartín, Margarita
dc.contributor.authorHasman, Augusto
dc.date.accessioned2010-04-15T13:26:39Z
dc.date.available2010-04-15T13:26:39Z
dc.date.issued2008-10
dc.description.abstractThis paper incorporates costly voluntary acquisition of information à la Nikitin and Smith (2007) [Nikitin, M., Smith, R.T., 2007. Information acquisition, coordination, and fundamentals in a financial crisis. Journal of Banking and Finance, in press, doi:10.1016/j.jbankfin.2007.04.031], in a framework similar to Allen and Gale (2000) [Allen, F., Gale, D., 2000. Financial contagion. Journal of Political Economy 108, 1–33], without relying on any unexpected shock to model contagion. In this framework, contagion and financial crises are the result of information gathering by depositors, weak fundamentals and an incomplete market structure of banks. It also shows how financial systems entering a recession can affect others with apparently stronger economic conditions (contagion). Finally, this is the first paper to investigate the effectiveness of the Contingent Credit Line procedures, introduced by the IMF at the end of the nineties, as a mechanism to prevent the propagation of crises.
dc.description.statusPublicado
dc.format.mimetypetext/plain
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationJournal of Banking & Finance, octubre 2008, Vol 32, No 10, p. 2136-2147
dc.identifier.doi10.1016/j.jbankfin.2007.12.033
dc.identifier.issn0378-4266
dc.identifier.publicationfirstpage2136
dc.identifier.publicationissue10
dc.identifier.publicationlastpage2147
dc.identifier.publicationtitleJournal of Banking & Finance
dc.identifier.publicationvolume32
dc.identifier.urihttps://hdl.handle.net/10016/7593
dc.language.isoeng
dc.publisherElsevier
dc.relation.publisherversionhttp://dx.doi.org/10.1016/j.jbankfin.2007.12.033
dc.rights©Elsevier
dc.rights.accessRightsopen access
dc.subject.ecienciaEmpresa
dc.subject.otherCentral Bank
dc.subject.otherContingent credit line
dc.subject.otherFinancial contagion
dc.subject.otherFundamentals
dc.subject.otherVerification equilibrium
dc.titleInformation acquisition and financial contagion
dc.typeresearch article*
dc.type.reviewPeerReviewed
dspace.entity.typePublication
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