Ioannou, Demosthenes; Pagliari, Maria Sole; Stracca, Livio - 2020
This paper quantifies the economic influence that shocks to EMU cohesion, which in turn reflect the incomplete nature … of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion …) model with financial variables. We find that the effects of euro area stress shocks are significant not only for the euro …