THEORETICAL AND EMPIRICAL SURVAY OF CONTAGIOUS FINANCIAL CRISES

Year 2011, Issue: 2, 142 - 147, 10.04.2012

Ertan Ersoy

Abstract

ABSTRACT

In this study it is focused on contagious effect of financial crises, which generally

refers to the spread of market disturbances from one country to another. The

main objective is providing a theoretical framework for the analysis of contagious

financial crisis in this study. In order to provide such a framework first of all the

concept of financial contagion is defined from different point of views, then the

main channels of contagion; namely trade channel, economic integration, financial

linkages and asymmetric information channel are presented. Lastly, some empirical

applications in the literature of financial economics are explained briefly before the

concluding remarks.

Keywords: Contangient Financial Crises, Trade Channel, Financial Linkages,

Aasymmetric Information Channel.

ÖZET

Bu çalışmada piyasa aksaklıklarının bir ülkeden diğer ülkeye yayılması olarak

anılan finansal krizlerin bulaşma etkisi üzerine odaklanılmıştır. Temel amaç bulaşıcı

finansal krizlerin analizi için teorik bir çerçeve önerisi sunmaktır. Böyle bir

çerçeve sunmak amacıyla ilk olarak finansal bulaşma kavramı farklı bakış açılarından

tanımlanmış ve sonra da ticaret kanalı, ekonomik bütünleşme, finansal bağlantılar

ve asimetrik bilgi kanalları ana bulaşma kanalları olarak sunulmuştur. Son

olarak, sonuç bölümünden önce finans ekonomisi yazınında bazı deneysel uygulamalar

kısaca anlatılmıştır.

Anahtar Kelimeler: Bulaşıcı Fainansal Krizler, Ticaret Kanalı, Finansal

Bağlantılar, Asimetrlik Bilgi Kanalı.

Keywords

Bulaşıcı Fainansal Krizler, Ticaret Kanalı, Finansal

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