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英文文献：Globalization, financial crisis and contagion: time-dynamic evidence from financial markets of developing countries-全球化、金融危机和传染:来自发展中国家金融市场的时间动态证据
英文文献作者：Asongu Simplice
英文文献摘要：
Financial integration among economies has the benefit of improving allocation efficiency and diversifying risk. However the recent global financial crisis, considered as the worst since the Great Depression has re-ignited the fierce debate about the merits of financial globalization and its implications for growth especially in developing countries. This paper examines whether equity markets in emerging countries were vulnerable to contagion during the recent financial meltdown. Findings show: (1) with the exceptions of India and Dhaka, Asian markets were worst hit; (2) but for Peru, Venezuela and Columbia, Latin American countries were least affected; (3) Africa and Middle East emerging markets were averagely contaminated with the exceptions of Kenya, Namibia, Nigeria, Morocco, Dubai, Jordan, Israel, Oman, Saudi Arabia and Lebanon. Results have two important policy implications. Firstly, we confirm that Latin America was most prepared to brace the financial crisis, implying their fiscal and monetary policies are desirous of examination and imitation. Secondly, we have confirmed that strategic opening of the current and capital accounts based on empirical evidence for a given region/country as practiced by India is a caution against global economic and financial shocks.
经济体间的金融一体化具有提高配置效率和分散风险的好处。然而，最近被认为是大萧条以来最严重的全球金融危机，重新点燃了关于金融全球化的好处及其对增长的影响，特别是对发展中国家的影响的激烈辩论。本文考察了新兴国家的股票市场在最近的金融危机中是否容易受到传染。调查结果显示:(1)除印度和达卡外，亚洲市场受到的冲击最为严重;(2)但秘鲁、委内瑞拉和哥伦比亚受影响最小;(3)非洲和中东新兴市场平均受到污染，只有肯尼亚、纳米比亚、尼日利亚、摩洛哥、迪拜、约旦、以色列、阿曼、沙特阿拉伯和黎巴嫩例外。结果有两个重要的政策含义。首先，我们确认拉丁美洲为应对金融危机做了最充分的准备，这意味着拉丁美洲的财政和货币政策需要被审查和模仿。其次，我们已经证实，印度基于经验证据对特定地区/国家实施的经常项目和资本项目战略开放，是对全球经济和金融冲击的一种警告。
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