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(50 points) (Financial Contagion): First choose any one country's benchmark stock index (i.g.,S&P 500 for the US, and KOSPI for South Korea). 1. Find a

(50 points) (Financial Contagion): First choose any one country's benchmark stock index (i.g.,S&P 500 for the US, and KOSPI for South Korea). 1. Find a date on which the US stock market collapsed due to the outbreak of Covid19. You should read newspaper articles about this and also need to look up the stock market index for the US. Replicate Table 1 and 3 in the Rigobon's paper (international financial contagion) by computing a cross-country correlation in daily returns on stock market indexes between the country you chose and the US. Do you find any shift contagion between the US market and the market for the country you chose? Argue why the financial contagion occurred or not based on your findings.

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