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Economic crisis contagion in the eurozone: Results from cross-quantilogram and network approach

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  • Beck, Krzysztof
  • Grabowski, Wojciech

Abstract

We investigate economic crisis contagion across 20 Eurozone countries using cross-quantilogram and network analysis. The results highlight the asymmetric nature of economic contagion in the Eurozone. On the one hand, there is strong evidence of contagion during economic crises; on the other hand, no evidence supports contagion during periods of economic expansion. Furthermore, we identify a three-tier stratification of countries based on economic contagion. Ireland and Malta lay outside the Eurozone contagion network. At the core are Germany, The Netherlands, Austria, Luxembourg, Italy, and Spain, characterized by a high degree of reciprocal contagion. The remaining countries form the periphery, primarily influenced by contagion from the core. Lastly, we find that contagion operates predominantly through trade, with only weak evidence supporting the role of financial integration.

Suggested Citation

  • Beck, Krzysztof & Grabowski, Wojciech, 2025. "Economic crisis contagion in the eurozone: Results from cross-quantilogram and network approach," Economics Letters, Elsevier, vol. 255(C).
    • Handle: RePEc:eee:ecolet:v:255:y:2025:i:c:s0165176525003441
    DOI: 10.1016/j.econlet.2025.112507
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    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F3 - International Economics - - International Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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