Ehrmann, Michael; Rigobon, Roberto; Fratzscher, Marcel - 2021
recession, and has most likely changed in recent years: prior to EMU, the paper finds smaller international spillovers … across asset classes. The results underline the dominance of US markets as the main driver of global financial markets: US … financial markets explain, on average, more than 25% of movements in euro area financial markets, whereas euro area markets …