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

37 Pages Posted: 7 Sep 2011

See all articles by Tamim Bayoumi

Tamim Bayoumi

International Monetary Fund (IMF); Centre for Economic Policy Research (CEPR)

Trung Thanh Bui

Wells Fargo Bank

Multiple version iconThere are 2 versions of this paper

Date Written: September 2011

Abstract

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.

Keywords: Economic integration, Economic models, Financial crisis, Global Financial Crisis 2008-2009, North America, Spillovers, Trade integration, Western Europe

Suggested Citation

Bayoumi, Tamim and Bui, Trung Thanh, Apocalypse then: The Evolution of the North Atlantic Economy and the Global Crisis (September 2011). IMF Working Paper No. 11/212, Available at SSRN: https://ssrn.com/abstract=1923526

Tamim Bayoumi

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-6333 (Phone)
202-623-4795 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Trung Thanh Bui

Wells Fargo Bank ( email )

1750 H St NW
6th Fl
Washington, DC 20006
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
52
Abstract Views
449
rank
410,214
PlumX Metrics