Domestic demand and global production in the Eurozone: A multi-regional input-output assessment of the global crisis
This paper studies the effects of domestic and foreign demand impulses in euro area economies following the Great Recession of 2008--2009 and the Eurozone crisis of 2011--2012. Using a global Input--Output framework we apply a set of metrics to assess spillover effects of international trade in intermediates triggered by the dynamics of final demand. Our findings suggest that while cross-country trade spillovers have played a crucial role during the Great Recession, they have had a moderate impact when compared with the role of domestic sources of final demand during the Eurozone crisis. Hence, a strategy of coordinated fiscal austerity cannot be sustained by empirical evidence.
Year of publication: |
2014
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Authors: | Garbellini, Nadia ; Marelli, Enrico ; Wirkierman, Ariel Luis |
Published in: |
International Review of Applied Economics. - Taylor & Francis Journals, ISSN 0269-2171. - Vol. 28.2014, 3, p. 336-364
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Publisher: |
Taylor & Francis Journals |
Saved in:
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