financial contagion

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Financial Contagion

A negative occurrence in one market, industry, or country that impacts other markets, industries, or countries. For example, problems in the U.S. financial markets starting in 2007 spread to other industries quickly and by 2008 had become a global financial crisis. Likewise, Japan's financial crisis in the 1990s had repercussions all over East Asia and elsewhere. See also: Globalization.

financial contagion

A financial problem that spreads among companies or regions. For example, Russia's 1998 default triggered sharp declines in the market values of debt issued by emerging countries.
References in periodicals archive ?
While Singapore avoided the worst financial contagions from the recent global economic crisis, it was affected by the crisis through the slowdown in GDP growth in its major trading partners.
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