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Contagion: Chain Reactions and the CoCo Powder Keg
Many Happy Returns
The Mexican Peso Is the Whipping Child of Any EM Crisis
The Mexican peso is the whipping child of any EM crisis in currency because it's really liquid. So what you don't want to be is the most liquid of a low liquidity group of assets. And another means I heard of how contagion can spread, which you might not often think about: banks originate similar assets to each other. If one starts to go a little bit crazy and give out loans too easily without the underwriting discipline, you might expect that others will follow suit.
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