The analysis of financial contagion has been always an important subject in international finance．In this paper，the existence and development of financial contagion is verified by time-varying Archimedean Cop_x005fula and applying the time-varying tail dependence coefficient to measure the degree of financial contagion． Fi_x005fnally，an empirical analysis of S＆P500 index and other six primary stock market indexes is presented by themethod above．