*5.2. Contagion Tests*

Although increases in some correlations between crisis markets and target markets during three crises have been noticed, we are not sure if they are statistically significant, which is the evidence of shift contagion. Hence, in order to test for the existence of contagion, we firstly calculate the average correlations in pre-crisis and crisis periods, and then use the *t*-test as presented in Section 3 to verify if the average correlation in crisis period is statistically higher than that in pre-crisis period. The results are reported in Tables 8–11.
