Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis
In: The Australian Economy in the 2000s
AbstractThe financial crisis, originated from the collapse of US housing markets in 2008, reverberates around the world. Its destructive force was felt nowhere more keenly than Western Europe. Indeed, it continues to mire in financial volatility as the debt problem contagiously spreads around the periphery Euro area. Taking a wider historical view of the evolution over the recent decades of the North Atlantic economy, comprising North America and Western Europe, we argue that while trade links were in relative stasis, the increasing and uniquely-close Transatlantic financial relationship was a crucial conduit in transmitting US shocks into global ones.
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This chapter was published in: Hugo Gerard & Jonathan Kearns (ed.) The Australian Economy in the 2000s, Reserve Bank of Australia, pages , 2011.
This item is provided by Reserve Bank of Australia in its series RBA Annual Conference Volume with number acv2011-04.
Other versions of this item:
- Bayoumi, Tamim & Bui, Trung, 2011. "Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis," CEPR Discussion Papers 8688, C.E.P.R. Discussion Papers.
- Trung Bui & Tamim Bayoumi, 2011. "Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis," IMF Working Papers 11/212, International Monetary Fund.
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- N00 - Economic History - - General - - - General
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Francis Vitek, 2010. "Monetary Policy Analysis and Forecasting in the Group of Twenty: A Panel Unobserved Components Approach," IMF Working Papers 10/152, International Monetary Fund.
- Ehrmann, Michael & Fratzscher, Marcel & Rigobon, Roberto, 2005.
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Working Paper Series
0452, European Central Bank.
- Michael Ehrmann & Marcel Fratzscher & Roberto Rigobon, 2011. "Stocks, bonds, money markets and exchange rates: measuring international financial transmission," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 26(6), pages 948-974, 09.
- Michael Ehrmann & Marcel Fratzscher & Roberto Rigobon, 2005. "Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission," NBER Working Papers 11166, National Bureau of Economic Research, Inc.
- Christopher J. Neely, 2010. "The large scale asset purchases had large international effects," Working Papers 2010-018, Federal Reserve Bank of St. Louis.
- Francis Vitek, 2012. "Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach," IMF Working Papers 12/149, International Monetary Fund.
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