文章重点总结、梳理了金融危机传染渠道领域理论与实证方面的最新研究成果。各国经济基本面之间的相互关联性是危机传染的关键渠道,尤其是银行信贷、证券投资和私人资本流动等金融关联性扮演着越来越重要的角色。投资者情绪及其非理性行为也可能在危机传染中起到重要作用。在一定程度上,金融危机传染性难以避免,但一个国家可以通过改善自身的宏观经济状况、提高宏观政策应对能力,以增强抵御外部风险的能力。全球范围内积极有效的政策协调与合作,对于控制危机传染的可能性及传染程度也至关重要。 The article summarizes and summarizes the latest research results in theoretical and empirical aspects of the contagion channel in the financial crisis. The interconnectedness of the economic fundamentals of countries is a key channel of crisis contagion, and financial links such as bank credit, securities investment and private capital flows play an increasingly important role. Investor sentiment and its irrational behavior may also play an important role in crisis contagion. To some extent, the contagion of the financial crisis is unavoidable. However, a country can enhance its capability of coping with external risks by improving its own macroeconomic conditions. Active and effective policy coordination and cooperation on a global scale are also crucial to control the contagion and the extent of contagion.