Book of Donmon Teith

The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, suc

Several concepts of contagion are distinguished. It is argued that only models that admit of multiple equilibria are capable of producing true contagion. A simp

The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.

Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in em