Rose, Andrew; Spiegel, Mark - 2009
Basin Studies within the Economic Research
Department of the Federal Reserve Bank of San Francisco.
Cross … view of contagion. They argue that both common shocks and the international
transmission of external shocks are observed in tranquil periods as well as episodes of crisis. In
the tradition of epidemiological studies … in merchandise trade [e.g. Reisen (2008)].
5
Most studies in the literature stress the channel of contagion through foreign trade
linkages …