The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or … asset class can have a sizable impact on the stability of institutions and markets around the world. But systemic risk …

markets during all states of the world and "contagion" as the spillovers from extreme negative events. Interdependence has …

between integration and synchronization depends on the type of shocks hitting the world economy, and that shocks to global …