Dovern, Jonas; van Roye, Björn - In: Journal of Financial Stability 13 (2014) C, pp. 1-17
We analyze the international transmission of financial stress and its effects on global economic activity. Our analysis … is based on country-specific monthly financial stress indices (FSIs) over the sample period 1970–2012 for 20 major … sample period. Second, we show that the risk of large financial stress spillovers to an economy increases with its level of …