This paper tests if real and financial linkages between countries can explain why movements in the world's largest … between the world's 5 largest economies and about 40 other markets to decompose the cross-country factor loadings into: direct … to be the most important determinant of how movements in the world's largest markets affect financial markets around the …

developing countries sank along with the developed world during the deepening financial crisis of 2008. This volume examines … patterns of global economic interdependence and the propagation of shocks in an increasingly integrated world economy. - The …