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

Author/Editor:

Trung T Bui ; Tamim Bayoumi

Publication Date:

September 1, 2011

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Working Paper No. 11/212

Subject:

English

Publication Date:

September 1, 2011

ISBN/ISSN:

9781463902308/1018-5941

Stock No:

WPIEA2011212

Format:

Paper

Pages:

36

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