Study Of The International Transmission Of Financial Crisis In The 1990s

The propagation of financial crisis is the important part of research on financial crisis. It's divided into two parts. One is domestic propagation, another is international propagation. The latter is the new view of research on financial crisis under the economic globalization. The international propagation of financial crisis includes Spillovers Effect, Monsoonal Effect, and contagion Effect. This paper studies the macroeconomic model, crisis cases, propagation mechanism, external shocks, systematic limit, and Chinese policy of international propagation of financial crisis. In this paper, the author did very well for to build up a research framework, to distinguish among various propagation effect, to discover the mechanism of shock-propagation, to explain speculation shock and crisis aids in game theory, and to point out the dilemma of recent Chinese policy. This paper consists of seven chapters. Chapter one is the introduction. It's about definition, types, characters, and models of financial crisis. It's also the basic part for the whole paper. Chapter two deals with a macroeconomic model of international propagation of financial crisis. The model include BOC model of home country and propagation model of crisis. Chapter three is concerned with financial crisis cases. The cases are -ERM crisis(1992-93); -Mexico financial crisis(1994-95); -Asian financial crisis(1997-98). Chapter four deals with the international propagation mechanism of financial crisis. It's include trade spillovers and financial spillovers. Chapter five deals with the external shocks of international propagation of financial crisis. It's include -speculation shocks; -policy shocks; -supply shocks. Chapter six is concerned about the systematic limit of international propagation of financial crisis. It's include -the liberalization of capital account; -the international lender of last resort; -the early warnings of financial crisis. Chapter seven deals with the Chinese policy for the international propagation of financial crisis.