Introduction

During the global financial crisis of 2008–2009, most developed and emerging economies and financial markets have recorded important financial losses. Those economies have experienced momentous corrections, and their assets were significantly devaluated, implying many losses and bankruptcies for banks, investors, and firms. Overall, despite continuing efforts made by governments and central banks to support their financial systems, most financial markets (stock markets, derivative markets, monetary markets, and currency markets) have been strongly affected by this crisis. Furthermore, the rapid transmission of the US subprime crisis to several European and Asian developed and emerging countries and the transformation into a global financial and economic crisis have revealed a high level of financial integration and linkage with the US market. The financial shocks have also induced negative feedbacks to macroeconomic indicators, suggesting significant relationships between financial markets and macroeconomies.