-varying interdependence among the economic cycles of the major world economies during the post-Great moderation period. We document a … with the rest of the world around that time. Moreover, we find that the break in global interdependence can be explained by …

As a result of the current global financial crisis, in 2009 the world economy is likely to experience the largest … contraction since World War II and the unemployment rate to reach historical highs in many countries. The fact that the current … Great Depression are not valid anymore to a great extent. Together with the decisions taken by the leaders of the world …