real shocks between the U.S. and the rest of the world has declined. We then present a model in which international …

with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …

This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In …