Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis
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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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 11/212.
Date of creation: 01 Sep 2011
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Other versions of this item:
- Tamim Bayoumi & Trung Bui, 2011. "Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis," RBA Annual Conference Volume, in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.
- 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.
- 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
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