Hadi HarbMehmet UmutluHarb, HadiUmutlu, Mehmet2025-10-062024016517650165-17651873-737410.1016/j.econlet.2024.1120262-s2.0-85206658420https://www.scopus.com/inward/record.uri?eid=2-s2.0-85206658420&doi=10.1016%2Fj.econlet.2024.112026&partnerID=40&md5=2862d509382cc5ab18dde15301b0d352https://gcris.yasar.edu.tr/handle/123456789/8146https://doi.org/10.1016/j.econlet.2024.112026We 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. © 2024 Elsevier B.V. All rights reserved.Englishinfo:eu-repo/semantics/openAccessContagion, Correlation, Covid-19 Pandemic, Global Financial Crisis, International DiversificationContagionInternational DiversificationGlobal Financial CrisisCorrelationCovid-19 PandemicArticle