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Apocalypse then

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Author Info

  • Trung Bui
  • Tamim Bayoumi

Abstract

The 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 Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/212.

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Length: 36
Date of creation: 01 Sep 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/212

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Keywords: Spillovers; Economic models; Global Financial Crisis 2008-2009; Trade integration; Western Europe; banking; bonds; bond; banking systems; financial market; banking system; bond yields; financial markets; foreign bonds; financial regulation; equity markets; government bond; financial system; private bonds; money market; investment banking; corporate bonds; banking operations; financial volatility; money market mutual funds; bank loans; stock index; foreign asset; bank competition; international capital; derivatives markets; financial institutions; public bonds; government bonds; international reserves; bank takeovers; bank assets; government bond yields; bank of england; bank regulations; domestic bond; portfolio investment; financial regulations; bank for international settlements; stock markets;

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  1. Francis Vitek, 2010. "Monetary Policy Analysis and Forecasting in the Group of Twenty," IMF Working Papers 10/152, International Monetary Fund.
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