This paper argues that the globalization of securities markets may promote contagion among investors by weakening …

Two observations suggest that financial globalization played an important role in the recent financial crisis. First …

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 …

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