Dear Colleagues,

This Special Issue will accept papers on the general theme of financial contagion. Topics of interest include the measures and channels of financial contagion, spillovers between financial markets during both crisis and non-crisis periods, portfolio hedging in periods of financial contagion, the occurrence of financial contagion between developed and emerging markets, evidence of financial contagion during major crises such as a global financial crisis, and the COVID-19 pandemic. Innovative approaches involving these topics are encouraged. This Special Issue welcomes theoretical, empirical, literature review, and pedagogical research projects.

There is extensive literature on the definition, measures, and channels of financial contagion (Allen and Gale, 2000; Bae et al., 2003; Kaminsky et al., 2003; Pericoli and Sbracia, 2003). Studies find financial contagion and spillovers during the Asian Financial Crisis (Chiang et al., 2007), global financial crisis (Akhtaruzzaman and Shamsuddin, 2016; Akhtaruzzaman et al., 2014), European debt crisis (Akhtaruzzaman et al., 2021a), and the COVID-19 pandemic (Akhtaruzzaman et al., 2021b; Akhtaruzzaman, Boubaker, and Sensoy, 2021; Akhtaruzzaman et al., 2022; Akhtaruzzaman et al., 2021c). This Special Issue aims to explore the newer dimension of financial contagion.

We invite contributions in the form of original research articles on the theory, practice, and applications of financial contagion. All submissions must contain original unpublished work that is not being considered for publication elsewhere.

References:

Akhtaruzzaman, M., Abdel-Qader, W., Hammami, H., and Shams, S. (2021a). Is China a source of financial contagion? Finance Research Letters, 38, 101393.

Akhtaruzzaman, M., Boubaker, S., Lucey, B. M., and Sensoy, A. (2021b). Is gold a hedge or a safe-haven asset in the COVID-19 crisis? Economic Modelling, 102, 105588.

Akhtaruzzaman, M., Boubaker, S., and Sensoy, A. (2021). Financial contagion during COVID-19 crisis. Finance Research Letters, 38, 101604.

Akhtaruzzaman, M., Boubaker, S., Chiah, M., and Zhong, A. (2021c). COVID− 19 and oil price risk exposure. Finance Research Letters, 42, 101882.

Akhtaruzzaman, M., Boubaker, S., and Umar, Z. (2022). COVID-19 media coverage and ESG leader indices. Finance Research Letters, 45, 102170.

Akhtaruzzaman, M., and Shamsuddin, A. (2016). International contagion through financial versus non-financial firms. Economic Modelling, 59, 143-163.

Akhtaruzzaman, M., Shamsuddin, A., and Easton, S. (2014). Dynamic correlation analysis of spill over effects of interest rate risk and return on Australian and US financial firms. Journal of International Financial Markets, Institutions and Money, 31(July), 378-396.

Allen, F., and Gale, D. (2000). Financial contagion. Journal of Political Economy, 108(1), 1-33.

Bae, K.-H., Karolyi, G. A., and Stulz, R. M. (2003). A new approach to measuring financial contagion. The Review of Financial Studies, 16(3), 717-763.

Chiang, T. C., Jeon, B. N., and Li, H. (2007). Dynamic correlation analysis of financial contagion: Evidence from Asian markets. Journal of International Money and Finance, 26(7), 1206-1228.

Kaminsky, G. L., Reinhart, C. M., and Vegh, C. A. (2003). The unholy trinity of financial contagion. Journal of Economic Perspectives, 17(4), 51-74.

Pericoli, M., and Sbracia, M. (2003). A primer on financial contagion. Journal of Economic Surveys, 17(4), 571-608.

Dr. Md Akhtaruzzaman
Guest Editor

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• financial contagion
• spillovers
• financial crisis
• market uncertainty