Shock resistors or transmitters? Contagion across industries and countries during the COVID-19 pandemic and the global financial crisis

Hadi HarbMehmet Umutlu2025-10-0620240165-176510.1016/j.econlet.2024.112026http://dx.doi.org/10.1016/j.econlet.2024.112026https://gcris.yasar.edu.tr/handle/123456789/7146We examine how global shocks from various sources propagate across industries and countries. Financial contagion is measured using residual-based and volatility-adjusted correlation. Specific industries and countries were resilient during both global crises while others played a significant role in transmitting shocks.EnglishContagion, Covid-19 pandemic, Global financial crisis, Correlation, International diversificationShock resistors or transmitters? Contagion across industries and countries during the COVID-19 pandemic and the global financial crisisArticle