This paper presents three tests of contagion of the US subprime crisis to the European markets of the NYSE-Euronext group. Copula models are used to analyse dependence structures between the US's and the other markets in the sample, in the pre-crisis and in the subprime crisis periods. The first test assesses the existence of contagion on the relevant markets' indices, the second checks the homogeneity of contagion intensities, and the third compares contagion in financial and in industrial sectors' indices. Results suggest that contagion exists, and is equally felt, in most markets and that investors anticipated a spreading of the financial crisis to the real economy, long before such dissemination was observable.

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This investigation approaches the effects of financial openness on renewable energy investments. With the purpose of the realisation this study, the installed capacity of renewable energy was used as proxy o renewable energy investments, and ten Latin American countries from 1980 to 2014 were utilised. This investigation used as methodology two models, such as the PARDL in the form of UECM as a general model, and PVAR model and Panel Granger causality Wald test as a robustness check. The empirical results indicated that the per capita economic growth in the short-run has a positive impact on the installed capacity of renewable energy, while the variable financial openness and general government capital stock per capita in the long-run exerts a positive effect. The PVAR model pointed out to a positive impact of per capita economic growth, financial openness, and general government capital stock per capita in the short-run. The Panel Granger causality Wald test revealed the existence of a bi-directional causality between The results of the panel Granger causality Wald test point to the existence of bi-directional causality between: (i) installed capacity of renewable energy and per capita economic growth; (ii) financial openness and installed capacity; (iii) financial openness and per capita economic growth; (iv) installed capacity of renewable energy and general government capital stock per capita; and (v) general government capital stock per capita and per capita economic growth.

This study assesses the effects of the US financial and the Eurozone debt crises on a large set of frontier stock markets. Detrended Cross Correlation Analysis (DCCA) and Detrended Moving Cross Correlation Analysis (DMCA) are employed to investigate whether correlations between the crises-originating countries ts (US and Greece) and frontier stock markets increased from the calm to each crisis periods. Our results indicate that this was indeed the case and frontier markets were affected by both crises. DCCA and DMCA coefficients increased significantly for countries in Europe and also, although not so strongly, for Middle Eastern ones with the subprime crisis. In the case of the Eurozone debt crisis, the most affected countries were Slovenia, Romania, Nigeria, Kuwait, Oman and Vietnam. Evidence of contagion, using the test proposed by Guedes et al. (2018a, 2018b), is thus weaker in the case of the European debt crisis,leading to the conclusion that frontier stock markets were more affected by the US financial turmoil.

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