Abstract
Despite the long history of interdependence of global cycle developments, prior to the onset of the most recent global downturn in late 2008, there was a widely held view that the euro area — and more generally the global economy — could ‘decouple’ from the US. Somehow, the consensus was that, given its plethora of domestic problems, the US would remain the most affected country: in this ‘new world’, unlike the past, the US shocks would not necessarily become global, nor would the euro area economy necessarily be affected with a lag.
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© 2010 Filippo di Mauro, Stephane Dees and Marco J. Lombardi
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di Mauro, F., Dees, S., Lombardi, M.J. (2010). Economic Interactions US-Euro Area Over the 2007–9 Financial Crisis: What Did We Learn?. In: Catching the Flu from the United States. Palgrave Macmillan, London. https://doi.org/10.1057/9780230282070_6
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DOI: https://doi.org/10.1057/9780230282070_6
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-31819-3
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