Abstract This paper shows that, in a multi-country framework with government deficit spillovers, designing institutions …

, while the Stability and Growth Pact was watered down. Spillovers from the financial and economic crisis compounded fiscal …

flows and have thus called for better monetary policy coordination to avoid excessive volatility and negative spillovers. …

identification through generalized forecast error variance decompositions to estimate spillovers across four systemic markets in a … asset class, but that there are also substantial international spillovers across asset classes. Rolling estimations analysis …

Europe and Russia. Notably, bilateral integration with the eurozone is a key determinant of the strength of spillovers, with … spillovers strongest in non-euro EU countries and weakest in non-EU East European countries. Interestingly, we find … differentiated strength of spillovers to Russia compared to other non-EU East European countries, which we attribute to its fixed …