The global financial crisis that took place in the latter half of 2009 is making a serious impact on the world's economy, financial authorities in the US and Europe are all working feverishly trying to address the problems. The objective of this study is to examine the contagion effect of international financial market after global financial crises. The study finds that contagion effect was caused in the stock market of the some Europe and Asian Pacific countries by the global financial crises. The results show that the majority of countries with contagion effect in the fundamentals usually have close trade relationship or the financial system link with the US. However, contagion effect was caused by investors' panic expectations for some countries.