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This paper analyzes the origins of currency crises for 20 OECD countries and South Africa from 1970 through 1998. The main contributions are in three areas. First, it tests for contagious crises and attempts to recognize contagion channels by employing a duration analysis. Second, to minimize the concerns regarding the accuracy of identified crisis episodes, our paper uses crisis episodes that are identified by a relatively more objective method based on extreme value theory. Third, we make usedoi:10.1002/rfe.1056 fatcat:hpjedqtykzgrpjh2dtgtjz6fpq