{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2024,4,12]],"date-time":"2024-04-12T08:27:01Z","timestamp":1712910421597},"reference-count":31,"publisher":"Wiley","issue":"2","license":[{"start":{"date-parts":[[2003,9,3]],"date-time":"2003-09-03T00:00:00Z","timestamp":1062547200000},"content-version":"vor","delay-in-days":64,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["International Finance"],"published-print":{"date-parts":[[2003,7]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>Based on the experience of the Portuguese and Spanish financial crises in the early 1990s, this paper suggests that the spillover of exchange rate crises may reveal a particular dimension of the financial contagion effect: the presumption of mimetic behaviour by monetary authorities.<\/jats:p><jats:p>This paper analyses the evolution of the credibility of the Escudo and the Peseta. We set out to test the existence of a contagion effect: that is, in what way does the polarization of exchange rate expectations in a scenario of devaluation of one currency explain the building up of a similar scenario for the other currency? We also examine the transmission mechanisms of such a scenario.<\/jats:p><jats:p>Our results suggest the existence of a one\u2010way contagion effect, of the Escudo by the Peseta. Speculative attacks against the Peseta necessarily give rise to speculative attacks against the Escudo, regardless of the evolution of the \u2018fundamentals\u2019 of the Escudo. In this case, the spillover of financial crises could be better understood by the anticipated mimetic behaviour of monetary authorities, rather than by the geographical proximity of the countries in question or by the identical performance of the economies of both.<\/jats:p>","DOI":"10.1111\/1468-2362.t01-1-00015","type":"journal-article","created":{"date-parts":[[2004,12,26]],"date-time":"2004-12-26T13:58:55Z","timestamp":1104069535000},"page":"201-225","update-policy":"http:\/\/dx.doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Contagion Phenomena in Financial Crises: Evidence from the Portuguese and Spanish Exchange Rate Crises in the Early 1990s"],"prefix":"10.1111","volume":"6","author":[{"given":"Margarida","family":"Abreu","sequence":"first","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2003,9,3]]},"reference":[{"key":"e_1_2_1_2_1","unstructured":"Abreu Margarida(1999a) \u2018As Crises Cambiais do Escudo entre 1992 e 1995\u2019 Boletim de Ci\u00eancias Econ\u00f3micasde Coimbra."},{"key":"e_1_2_1_3_1","unstructured":"Abreu Margarida(1999b) \u2018Exchange Rate Market Tensions in a Small Open Economy during the Transition to EMU:Can Asian Countries Learn from the Portuguese Experience en 1992\u20131995\u2019 Instituto Superior de Economia e Gest\u00e3o Economics Department Working Paper WP7\/1999\/DE\/CISEP ISSN 0874\u20104548."},{"key":"e_1_2_1_4_1","first-page":"81","volume-title":"What Financial System for the Year 2000?","author":"Abreu Margarida","year":"2000"},{"key":"e_1_2_1_5_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(98)00053-1"},{"key":"e_1_2_1_6_1","unstructured":"Bertola G. andR.Caballero(1990) \u2018Target Zones and Realignments\u2019 CEPR Discussion Paper No. 398 March."},{"key":"e_1_2_1_7_1","unstructured":"Calvo Guillermo(1996) \u2018Capital Flows and Economic Management\u2019 Federal Reserve Bank of San Francisco Working Paper in Applied Economic Theory No. 96\u201302"},{"key":"e_1_2_1_8_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00329"},{"key":"e_1_2_1_9_1","doi-asserted-by":"crossref","unstructured":"Caramazza Francesco LucaRicciandRanilSalgado(2000) \u2018Trade and Financial Contagion in Currency Crises\u2019 IMF Working Paper No. 00\/55 March.","DOI":"10.5089\/9781451847611.001"},{"key":"e_1_2_1_10_1","unstructured":"Cassola N.(1995) \u2018Indicadores de Credibilidade de um Regime Cambial:os casos do Escudo e da Peseta no Sistema Monet\u00e1rio Europeu\u2019 Bank of Portugal Research Department February."},{"key":"e_1_2_1_11_1","unstructured":"Dolado J. 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