The role of meta-analysis in examining results of empirical studies about financial contgagion.Meta-analüüsi roll finantskriiside ülekandumise uurimisel

Andres Kuusk, Tiiu Paas


The paper gives some new insights on the subject of financial contagion using the methodology of meta-analysis. We show that traditional qualitative literature review is not the proper way to summarise empirical findings of financial contagion and we use meta-analytical tools instead. The results of the meta-analysis show that on average asset market correlations have increased during turbulent periods, but the increase is rather moderate. When correlation coefficients are adjusted for the presence of heteroskedasticity, the increase is considerably smaller but still statistically significant. The crises are different in their contagiousness but the level of development of destination country seems not to play significant role whether crises spread over or not


financial crisis; contagion; meta-analysis

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