The decades preceding the outbreak of the financial crisis in August of 2007 were a period of exceptional stability for the US economy. A number of studies over the past decade proposed different theoretical rationales and underpinning empirical evidence to explain the so-called Great...

In this paper we assess the hypothesis that the unprecedented stability of the United States economy, in the decades preceding the outbreak of the financial crisis in August 2007, caused a relatively low output volatility in other national economies. The results of the time series analysis of 97...

The decades preceding the recent financial crisis and global downturn were a period ofunusually mild output volatility for many developed and developing market economies. Weanalyse data from 85 countries and report findings consistent with the hypothesis that foreigndirect investment had a...