This survey of business cycle synchronization in the European monetary union focuses on
two issues: have business cycles become more similar, and which factors drive business …

This paper reviews the Western sanctions on Russia and endeavours to evaluate the
medium-term implications of these sanctions for post-communist neighbours of Russia …

This study introduces two novel metrics that calculate the degree of shock asymmetry which
can be utilized to examine whether countries in a currency area face symmetric shocks. In …

The recent wave of financial globalization since the mid-1980s has been marked by a surge
in capital flows among industrial countries and, more notably, between industrial and …

We use loan-level data to examine how large international banks reduced their cross-border
lending after the collapse of Lehman Brothers. Country, firm, and bank fixed effects allow us …

This paper investigates the determinants of business cycle comovement between countries.
Our dataset includes over 100 countries, both developed and developing. We search for …

The literature on the benefits and costs of financial globalization for developing countries
has exploded in recent years, but along many disparate channels with a variety of …

We provide a comprehensive empirical characterization of the linkages between key
macroeconomic and financial variables around business and financial cycles, for 21 OECD …

We analyze the evolution of the degree of global cyclical interdependence over the period
1960–2008. Using a dynamic factor model, we decompose macroeconomic fluctuations in …

The volatility of economic activity in most G7 economies has moderated over the past 40
years. Also, despite large increases in trade and openness, G7 business cycles have not …