The 2007 financial and economic crisis that began in the United States and quickly spread around the world differed from earlier crises in a number of significant ways. This book examines the causes of these events in the US, and their impacts on North America, Europe, Asia and Australia.

This paper examines the degree of interdependence between national stock market returns for 17 advanced economies and the United States for various sub-periods from January 1973 to February 2009. The examination is based on time-series techniques including both single equation (ordinary least...