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1、Availableonlineatwww.sciencedirect.comJournalofBanking&Finance32(2008)2136–2147www.elsevier.com/locate/jbfqInformationacquisitionandfinancialcontagionAugustoHasman1,MargaritaSamartı´n*BusinessDepartment,UniversidadCarlosIIIdeMadrid,SpainReceived29March2007;accepted20December2007
2、Availableonline11January2008AbstractThispaperincorporatescostlyvoluntaryacquisitionofinformationa`laNikitinandSmith(2007)[Nikitin,M.,Smith,R.T.,2007.Informationacquisition,coordination,andfundamentalsinafinancialcrisis.JournalofBankingandFinance,inpress,doi:10.1016/j.jbankfin.200
3、7.04.031],inaframeworksimilartoAllenandGale(2000)[Allen,F.,Gale,D.,2000.Financialcontagion.JournalofPolit-icalEconomy108,1–33],withoutrelyingonanyunexpectedshocktomodelcontagion.Inthisframework,contagionandfinancialcrisesaretheresultofinformationgatheringbydepositors,weakfundame
4、ntalsandanincompletemarketstructureofbanks.Italsoshowshowfinancialsystemsenteringarecessioncanaffectotherswithapparentlystrongereconomicconditions(contagion).Finally,thisisthefirstpapertoinvestigatetheeffectivenessoftheContingentCreditLineprocedures,introducedbytheIMFattheendofthen
5、ineties,asamechanismtopreventthepropagationofcrises.Ó2008ElsevierB.V.Allrightsreserved.JELclassification:G21;D82Keywords:CentralBank;ContingentCreditLine;FinancialContagion;Fundamentals;Verificationequilibrium‘‘WearegivingcountriesagreaterfinancialincentivetonationalMonetaryFund(I
6、MF)membercountrieshaveadoptcrisis-resistantpoliciesbyofferingthosethatdosufferedsomekindoffinancialtroubles(seeLindgrenContingentCreditLinestoprotectthemfromcontagionetal.,1996;BeimandCalomiris,2001).effects’’Thesefinancialcrisesreflectthefactthatthefinancialsystem,andespeciallytheban
7、kingsector,notonlycanStanleyFisher,FirstDeputyManagingDirectoroftheamplifyandtransferproblemsoriginatedinothersectorsIMF(1994–2001),PolicyIssuesForum,WashingtonDC,oftheeconomy,butcanalsobeamaindriverofsuchcrisesApril28,2001.(forexample,thefinancialcrisesofMexico1994,Korea1997and
8、Turkey2000hadthebankingsectorweaknesses1.Introductiona
