This paper examines the contagion of the eurozone debt crisis to developed and emerging stock markets around the world … eurozone debt crisis, this paper finds strong and pervasive evidence of negative contagion from the crisis countries to other … crisis. The Asian markets do not show pervasive evidence of contagion from the eurozone crisis …

1998 and 2012. Our key theoretical argument is related to the bail-out guarantee provided by a monetary union, which …