We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and...

Substantial data revisions have shown that the U.S. recession in 2008 to 2009 was far more pronounced than originally estimated, and that the recovery has been slower than previously assumed. Leading indicators signal that growth will stay weak in the second half of 2011. With key interest rates...

New evidence is presented on the possible existence of bi-directional causal relationships between public debt and economic growth in both central and peripheral countries of the European Economic and Monetary Union. We test for heterogeneity in the bi-directional Granger-causality across both...

The economic recovery, which had started in Asia and then quickly spread to the U.S.A., recently lost momentum in both regions. In the second quarter of 2010, the U.S. economy recorded real GDP growth (in annualized terms) of a mere 1.7% quarter on quarter, following 3.7% in the first three...

This paper contributes to the literature by applying the Granger-causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government...

The global economy continued to look robust at end-2006. In the U.S.A. private consumption increased, notwithstanding the protracted housing slowdown, and the services sector continued to grow at a dynamic pace. In view of the still buoyant economy, a cut in U.S. interest rates does not appear...

The world economy is chugging along, but its key engines may be changing. While the economies of the U.S.A. and China have reached more mature levels, economic activity is now gradually gaining momentum in Europe and Japan.In Austria, economic growth over the year 2005 clearly regained momentum...

This paper contributes to the literature by applying the Grangercausality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government...

We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and...

The global slowdown appears to have come to an end during the summer of 2009. Most countries saw a smaller decline in economic activity in the second quarter, with some economies even recording positive growth rates once again. In the U.S.A., the economic contraction moderated in the second...