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Apocalypse then; The Evolution of the North Atlantic Economy and the Global Crisis

  • Trung Bui
  • Tamim Bayoumi

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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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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  1. Christopher J. Neely, 2010. "The large scale asset purchases had large international effects," Working Papers 2010-018, Federal Reserve Bank of St. Louis.
  2. Ehrmann, Michael & Fratzscher, Marcel & Rigobon, Roberto, 2005. "Stocks, bonds, money markets and exchange rates: measuring international financial transmission," Working Paper Series 0452, European Central Bank.
  3. Francis Vitek, 2012. "Policy Analysis and Forecasting in the World Economy: A Panel Unobserved Components Approach," IMF Working Papers 12/149, International Monetary Fund.
  4. 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.
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