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Financial Contagion: Myth or Reality?

Author

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  • Reint Gropp
  • Philipp Hartmann

Abstract

Recent research has very much improved our understanding of financial contagion, stressing the propagation of extreme negative outcomes, the distinction from common shocks and the increase in interdependence compared to normal times. The findings suggest that crises in international financial markets may sometimes be contagious, although meltdowns affecting different asset classes and continents are extremely rare. The risk of cross-border bank contagion in the European Union has increased during the late 1990s. Hence, macro-prudential surveillance increasingly needs to adopt a pan-European perspective. JEL Classification: G1

Suggested Citation

  • Reint Gropp & Philipp Hartmann, 2004. "Financial Contagion: Myth or Reality?," Research Bulletin, European Central Bank, vol. 1, pages 2-5.
    • Handle: RePEc:ecb:ecbrbu:2004:0001:1
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    File URL: http://www.ecb.europa.eu/pub/pdf/other/researchbulletin01en.pdf
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    Cited by:

    1. Pais, Amelia & Stork, Philip A., 2011. "Contagion risk in the Australian banking and property sectors," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 681-697, March.

    More about this item

    Keywords

    financial contagion;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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