“Slow-burn” spillover and “Fast and furious” contagion: a study of international stock markets
Kuan Xu, Lei Wun & Qingbin Meng – School of Economics and Management – Beihang University

“Fast and furious” contagion across capital markets is an important phenomenon in an increasingly integrated financial world. Different from “slow-burn spillover” interdependence among these markets, “fast and furious” contagion can occur instantly. We investigate this kind of contagion from the U.S., Japan, and Hong Kong to other Asian economies. In this paper, we attempt to link extreme events such as contagion across the stock markets.

Kuan Xu

Kuan Xu received his PhD from Concordia University in 1994. He is Professor of Economics at Dalhousie University. Previously he was Lecturer at Renmin University and Concordia University. Professor Xu had been a visiting professor at Graduate School of the People’s Bank of China and the Business School of Renmin University, a research fellow at Statistics Canada, and a consultant at the Bank of Canada, Human Resources and Skill Development Canada, and United Nations. Professor Xu’s research interest includes monetary policy, financial economics, labour economics, health economics, income inequality and poverty. To know more…


“Contagion is a kind extreme event linking capital markets. Contagion typically goes beyond normal links among capital markets. My research adds to the literature on how contagion can be measured and analyzed across capital markets.”

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