Financial Market Contagion（1）

       2013年第四届工程和商业管理国际学术会议（EBM2013）——The term contagion is borrowed from epidemiology,where it is defined as transmitting a disease by direct or indirect contact. The cause of the disease may be a bacteria or virus,but the channels of these ditermines the intensity of the contagion. For financial markets,the equivalent of a virus is a shock to a certain part of the economy,such as the collapse of the housing marker in the United States during 2007 and 2008. This shock carried over to other financial markers resulting in substantial losses in financial markets around the world.