Some Empirical Evidence on the Recent Financial Crisis

This article provides some empirical evidence on the recent global financial crisis in comparison with previous crises. First, this comparison is done through an assessment of the international contagion effects between several countries’ stock markets during previous episodes of financial turmoil. Secondly, we analyze the real impact of crises, in comparing the losses in GDP during the main financial crises in advanced countries. The results show that the recent global financial crisis stands out relatively to the other crises by the magnitude of the international contagion effects and also the strength of its impact on the real economy in the advanced countries.