The philosophical paradigm of financial market contagion research

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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.
Original languageEnglish
Pages (from-to)278-295
Number of pages18
JournalInternational Journal of Management Concepts and Philosophy
Issue number3
Publication statusPublished - 9 May 2019


  • paradigms in finance
  • market contagion
  • positivist paradigm
  • functionalism
  • interpretivist
  • philosophy

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