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Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis

In: The Australian Economy in the 2000s

  • Tamim Bayoumi

    (International Monetary Fund)

  • Trung Bui

    (International Monetary Fund)

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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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.
Handle: RePEc:rba:rbaacv:acv2011-04
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  1. 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.
  2. Christopher J. Neely, 2010. "The large scale asset purchases had large international effects," Working Papers 2010-018, Federal Reserve Bank of St. Louis.
  3. 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.
  4. 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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