Ehrmann, Michael; Fratzscher, Marcel; Rigobon, Roberto - European Central Bank - 2005
markets and exchange rates within and between the United States and the euro area. We find that asset prices react strongest … across asset classes. The results underline the dominance of US markets as the main driver of global financial markets: US … financial markets explain, on average, more than 25% of movements in euro area financial markets, whereas euro area markets …