existence of financial contagion during this crisis, defined as the international transmission of country-specific shocks beyond … the normal channels of financial interdependence. Since contagion relates purely to country-specific shocks, we combine … the standard contagion test of Favero and Giavazzi (2002) with an innovative narrative approach to separate out global and …

different price impact, volatility and contagion after an initial bankruptcy. A large bankruptcy in bilateral markets may leave … from contagion (hunting). In distress, bilateral markets amplify systemic risk and volatility versus centralized markets … and are more subject to crises with real effects: contagion, unemployment, reduced tax revenue, higher transactions costs …

channels of pure contagion between 2008 and 2012. Further, we find that the bailout-programs for Greece, Ireland and Portugal …This paper analyzes sovereign risk contagion in the Eurozone using an extension to the canonical model for contagion … contagion in typically bounded time intervals. Controlling for changes in the risk pricing by investors, we detect several …