A small liquidity preference shock in one region can spread by contagion to other regions, and complete financial market structures seem to be more robust than incomplete ones. Financial restraint can contain the financial contagion to some degree.

• 一个地区的流动性冲击能通过金融传染扩散到其他地区，完全的金融市场对于金融传染是稳健的，而不完全市场面对金融传染则是脆弱的。