This paper presents evidence on the relative importance of alternative contagion channels during the Thai, Russian, and … to explain almost all contagion episodes. However, when crises are measured by stock market returns, trade links and … neighborhood effects appear to be relevant contagion channels during the Thai and Brazilian crises, while financial competition …

in the contagion phenomenon. Not all crises, however, are contagious. This paper models a new channel of contagion where … the degree of anticipation of crises, through its impact on investor uncertainty, determines the occurrence of contagion … is empirically shown to have an independent effect beyond other contagion channels. …

14 developing and industrial countries. The results show that contagion was systemic during the period, with industrial … importance of studying them jointly. An implication of the empirical results is that models of contagion that exclude industrial …

This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on … previous work, it uses correlations of equity markets across countries to measure contagion, but in a departure from previous … practice it measures contagion using the relationship of these correlations with distance. Also in contrast to previous work …

evidence of true contagion and common external shocks. …