Table 4: Estimated values of the contagion model parameters. The value of model parameter measures the contagion effect transmitted by the countries belonging to cluster ( ) on country ( ) belonging to cluster according to assignment (5). Figures indicate that countries in clusters have a remarkable influence on the others, being lower on Chile (columns 3 and 4). In addition, it can be observed that Chile (cluster 1) has a strong influence on countries which belong to cluster 2 (element (2, 1), whose value is 0.01122).


, 0 0.01122 0.02525 0.01736
, 0.05222 0.00007 0.04198 0.07828
, 0.00047 0.00180 0.03809 0.04129
, 0.00004 0.00283 0.04903 0.04771