The philosophical paradigm of financial market contagion research

Rao, Sandeep (2019) The philosophical paradigm of financial market contagion research. International Journal of Management Concepts and Philosophy, 12 (3). pp. 278-295. ISSN 1478-1484 (

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Philosophical underpinning is important in research as this leads to the investigation as per a specific paradigm. Every subject domain has a dominant paradigm in which the research is carried out. This paper surveys various journal articles in finance, specifically in financial markets contagion and spillover effects, to find the research paradigms and finds that the dominant paradigm in finance and market contagion research is functionalism-positivist. This provides opportunities to conduct research in other paradigmatic approaches. This paper explores the possibility of using an interpretivist paradigm to the financial market contagion research.