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 financial crisis reaped its academic casualties. Asking why economists had not seen it
coming, Queen Elizabeth surprisingly became emblematic for those finding their …

When uncertainty reduces spending among US consumers, it may affect the bottom line
stock performance of Asian producers that cater to their needs. Theory predicts that the …

As the debates about the recent global recession and the subsequent recovery have clearly
shown, our understanding of these questions has been very limited. This comprehensive …

This paper examines the changing nature of growth spillovers between developed
economies, the North, and developing countries, the South, driven by the process of …

In this paper, we investigate the degree of real economic interdependence between
emerging East Asian and major industrial countries to shed light on the heated debate over …

This paper analyzes how the global financial crisis has impacted emerging Asia and
identifies key characteristics that have made these economies more or less vulnerable to a …

Both global and regional economic linkages have strengthened substantially over the past
quarter century. We employ a dynamic factor model to analyze the implications of these …

Reviews the available evidence and previous research on potential effects of financial
globalization, that is, the international integration of financial markets. Central banks with …

This paper investigates how financialization pressures in Eastern Europe shaped
vulnerabilities to the 2007 global deleveraging and to what extent policy responses to crisis …