Domestic factors major contributor to global crisis: ECB paper


A European Central Bank (ECB) paper published on Monday has found evidence that country-specific factors, rather than systemic contagion effects emanating from US markets, were the primary cause of the global financial crisis in 2008.

Geert Bekaert, Michael Ehrmann, Marcel Fratzscher and Arnaud Mehl, the paper's authors, used data between 2007 and 2009 from 55 countries to analyse the transmission of country-industry equity portfolios and their returns.

The authors find evidence of systemic

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