This paper tests if real and financial linkages between countries can explain why movements in the world's largest … between the world's 5 largest economies and about 40 other markets to decompose the cross-country factor loadings into: direct … to be the most important determinant of how movements in the world's largest markets affect financial markets around the …

. Empirical results suggest that countries which compete with exports from a crisis country and which export to the crisis country … originate elsewhere in the world. It explains that trade can transmit crises internationally via three distinct, and possible … competitiveness statistic, which uses 4-digit industry information to calculate how each crisis affects exports from other countries …