The study focuses on utilizing a modified heteroskedasticity biased test for contagion based on cross-market correlation coefficients proposed by Forbes and Rigobon (2002) to find the evidence of contagion on 31 stock markets during the 2007 U.S. subprime mortgage turmoil. In contrast to the empirical results of Forbes and Rigobon (2002), which indicated that there was no contagion only interdependence during the 1997 Asian crisis, the 1994 Mexican peso devaluation, and the 1987 U.S. market crash, the empirical results demonstrate that the contagion occurred on emerging and East Asian stock markets during the 2007 U.S. subprime mortgage crisis. With extensions in the duration of the crisis, the contagion disappeared rapidly, and only the contagion occurred on the Brazilian stock market that lasted for six months.

中文翻译：

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次贷危机后国际股市的蔓延

该研究的重点是利用基于Forbes和Rigobon（2002）提出的跨市场相关系数的修正的异方差偏向检验来进行传染，以寻找2007年美国次级抵押贷款动荡期间31个股票市场上传染的证据。与《福布斯》和《里戈邦》（2002）的实证结果相反，该实证结果表明，在1997年亚洲危机，1994年墨西哥比索贬值和1987年美国市场崩盘期间，只有相互依存关系没有传染性，经验结果表明发生了传染性2007年美国次贷危机中，新兴市场和东亚股市的表现受到了影响。随着危机持续时间的延长，传染病迅速消失，只有传染病在持续六个月的巴西股票市场上发生。