Ioannou, Demosthenes; Pagliari, Maria Sole; Stracca, Livio - 2021
of the monetary union, have on the rest of the world, by disentangling euro area stress shocks and global risk aversion … Autoregression (VAR) model with financial variables. We find that the effects of euro area stress shocks are significant not only for … the euro area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic …