In the context of international financial crises

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In the context of international financial crises, what mathematical methods have Economists employed in order to quantify financial contagion?

Note: For a working definition of contagion I'll use the description supplied by Kaminsky, Reinhart & Vegh (2003):

We refer to contagion as an episode in which there are significant immediate effects in a number of countries following an event that is, when the consequences are fast and furious and evolve over a matter of hours or days. This fast and furious reaction is a contrast to cases in which the initial international reaction to the news is muted.

Reference no: EM13769418

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