Ioannou, Demosthenes; Pagliari, Maria Sole; Stracca, Livio - 2021
This paper quantifies the economic influence that shocks to EMU cohesion, which in turn reflect the incomplete nature … 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 …