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We analyze how global stock market contagion has been provoked by banking instability, adverse shocks on the US mortgage market and stock market uncertainty during the subprime financial crisis. In this respect, the interbank market has been a major channel to propagate the crises across assets and countries. Beyond, we find, that measures aiming at a stabilization of global banks have been most likely to prevent the crises from further spreading. Thus, we primarily seek to assist policy makers and market participants in their effort to review the success of rescue actions.

How Global Stock Markets Became Infected - The Coincidence of Interbank Lending and the US Mortgage Market