Sources of Contagion  Finance or Trade?

Rijckeghem, Caroline Van; Weder, Beatrice

doi:10.2139/ssrn.880673

Cited by 21 publications

(18 citation statements)

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“…For example, Eichengreen and Rose (1999), Glick and Rose (1999), and Forbes (2001) highlight trade linkages. Kaminsky and Reinhart (2003); Caramazza, Ricci, and Salgado (2000); Fratzscher (2000); and Van Rijckeghem and Weder (2001) emphasize financial channels as well as trade. Chui, Hall, and Taylor (2004) provides an overview of the main findings.…”

Section: Introduction *mentioning

confidence: 99%

The Transmission of Financial Stress from Advanced to Emerging Economies

et al. 2009

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Section: Introduction *mentioning

confidence: 99%

The Transmission of Financial Stress from Advanced to Emerging Economies

et al. 2009

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“…The aim is to determine how the web of bilateral bank lending relationships has changed over 1978-2009. Occasionally we also draw comparisons between the GBN and the international trade network (henceforth 'ITN'), thus contrasting two key channels of financial contagion--financial and trade linkages (Van Rijckeghem and Weder, 2001).…”

Section: Resultsmentioning

confidence: 99%

A Network Analysis of Global Banking:1978-2009

Reyes

Minoiu²

2011

IMF Working Papers

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.In this paper we explore the properties of the global banking network using cross-border bank lending data for 184 countries over 1978-2009. Specifically, we analyze financial interconnectedness using network metrics of centrality, connectivity, and clustering. We document a relatively unstable global banking network, with structural breaks in network indicators identifying several waves of capital flows. Interconnectedness rankings, especially for borrowers, are relatively volatile over the period. Connectivity tends to fall during and after systemic banking crises and sovereign debt crises. The 2008-09 global financial crisis stands out as an unusually large perturbation to the cross-border banking network.

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“…Our second approach confronts this issue by using an instrumental variables (IV) approach. The literature emphasizes that banking crises often spread in regional waves (see van Rijckeghem and Weder (2001) and Dungey and Gajurel (2015), among others). We empirically introduce this observation and use regional waves in banking crises as an instrument for banking crises at the country level.…”

Section: Introductionmentioning

confidence: 99%