Volume 3 Article informations The subprime crisis contagion effect on Developed countries Mohamed Bechir Chenguel Abstract The objective of our work is to test the presence of the contagion phenomenon caused by the mortgage American said "subprimes"crisis. First, we are going to present the effect of contagion, a literature review, and in a second part an empirical investigation on the phenomenon of crisis contagion: we applied an correlation analysis as well as an estimation of a model to error correction (asymmetric) not linear (ECM) to measure the contagion between the markets of developed countries and the emergent countries. Estimation exercises shows that there is pure contagion cases and the other interdependence contagion cases. Furthermore we found that United States are the country source of contagion during the financial crisis of subprimes. We notice the existence of the contagion in other stock market country (French, Canadian, German, British, Brazilian, Indian, Chinese, Italian and Russia). This result means that the contagion of the American financial crisis is begun with the developed countries and waq propagated in emerging countries.