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Based on Masson's theory of international contagion mechanism of financial crisis, this paper conducted a spatial panel data model to analyze the major paths, spatial dependence and heterogeneity of the spread of the international financial crises from 2007 to 2009. The results show that: 1) the contagion of the international financial crisis has shown three types of transmission mechanism, namely the monsoon effect, the spillover effect and the pure effect; 2) the spatial path of international financial crisis is of clear spatial dependence within the economic-political system space, which has been significantly enhanced along with the intensification of the crisis itself; 3) during the global financial tsunami, the vulnerability of macroeconomic fundamentals and links between finance and trade are the main factors impacting the contagion of financial crisis and the combined effects of the three factors have exacerbated the strength and breadth of the contagion of financial crisis. [ABSTRACT FROM AUTHOR]