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The recent financial crisis, which turned into a global economic recession, showed once again the dangers posed by the propagation of financial turmoil beyond national borders. The paper develops a critical review of the existing literature on this topic while trying to identify fresh approaches that may facilitate a better understanding of how and why crises become contagious. Furthermore, it provides a brief analysis of S&P 500, FTSE 100, NIKKEI 225 and AORD stock market indices with the aim of observing the eff...