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A Meta-Analysis-Based Approach for Examining Financial Contagion with Special Emphasis on CEE Economies

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  • Andres Kuusk
  • Tiiu Paas

Abstract

This paper provides an insight into the realm of financial contagion, and applies a meta-analytical approach to focus on Central and Eastern European (CEE) economies. Our results show that, on average, asset market correlations have increased, albeit moderately, during turbulent periods as compared to more tranquil times. The selected financial crises are found to vary in terms of their contagiousness. Interestingly, the level of development in a given country is not shown to significantly influence the susceptibility to contagion. Our testing of CEE transition economies indicates that, relative to the sample average, they are less susceptible to financial contagion. An interesting finding relating to CEE transition countries is that they seem to have been affected mostly by crises originating in the United States, even though we have also considered crises originating in Russia and the Czech Republic in the sample.

Suggested Citation

  • Andres Kuusk & Tiiu Paas, 2013. "A Meta-Analysis-Based Approach for Examining Financial Contagion with Special Emphasis on CEE Economies," Eastern European Economics, Taylor & Francis Journals, vol. 51(3), pages 71-90, May.
    • Handle: RePEc:mes:eaeuec:v:51:y:2013:i:3:p:71-90
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    Citations

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    Cited by:

    1. Ichiro Iwasaki & Satoshi Mizobata & Alexander Muravyev, 2018. "Ownership dynamics and firm performance in an emerging economy: a meta-analysis of the Russian literature," Post-Communist Economies, Taylor & Francis Journals, vol. 30(3), pages 290-333, May.
    2. Ichiro Iwasaki & Akira Uegaki, 2017. "Central Bank Independence and Inflation in Transition Economies: A Comparative Meta-Analysis with Developed and Developing Economies," Eastern European Economics, Taylor & Francis Journals, vol. 55(3), pages 197-235, May.
    3. Gábor Dávid Kiss & Tamás Schuszter, 2015. "The Euro Crisis and Contagion among Central and Eastern European Currencies: Recommendations for Avoiding Lending in a Safe Haven Currency such as CHF," Prague Economic Papers, Prague University of Economics and Business, vol. 2015(6), pages 678-698.
    4. Iwasaki, Ichiro & Kočenda, Evžen, 2017. "Are some owners better than others in Czech privatized firms? Even meta-analysis can’t make us perfectly sure," Economic Systems, Elsevier, vol. 41(4), pages 537-568.
    5. Ichiro Iwasaki & Kazuhiro Kumo, 2019. "J-Curve in Transition Economies: A Large Meta-analysis of the Determinants of Output Changes," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(1), pages 149-191, March.
    6. repec:prg:jnlpep:v:preprint:id:530:p:1-15 is not listed on IDEAS
    7. Stéphane Goutte & David Guerreiro & Bilel Sanhaji & Sophie Saglio & Julien Chevallier, 2019. "International Financial Markets," Post-Print halshs-02183053, HAL.

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