There is now a reasonably large body of empirical work testing for the existence of
contagion during financial crises. A range of different methodologies are in use, making it …

The crises initiated in Mexico in 1994, Thailand in 1997, and Russia in 1998 had strong
spillover effects in their regions and around the world. As speculative attacks brought down …

We analyze the transmission of the 2007 to 2009 financial crisis to 415 country‐industry
equity portfolios. We use a factor model to predict crisis returns, defining unexplained …

The recent wave of financial globalization since the mid-1980s has been marked by a surge
in capital flows among industrial countries and, more notably, between industrial and …

This article proposes a new approach to evaluate contagion in financial markets. Our
measure of contagion captures the coincidence of extreme return shocks across countries …

Political scientists, sociologists, and economists have all sought to analyze the spread of
economic and political liberalism across countries in recent decades. This article documents …

We develop a multiple asset rational expectations model of asset prices to explain financial
market contagion. Although the model allows contagion through several channels, our focus …

We propose a model to capture the dynamics of asset returns, with periods of crises that are
characterized by contagion. In the model, a jump in one region of the world increases the …

Much of the current debate on reforming the international financial architecture is aimed at
reducing the risks of contagion—best defined as a significant increase in cross-market …

This paper develops a broad concept of systemic risk, the basic economic concept for the
understanding of financial crises. It is claimed that any such concept must integrate systemic …