Empirical IMF analysis finds that U.S. shocks generate significant international spillovers and that financial shocks helped synchronize the Global Financial Crisis downturn.

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE YES, BUT . . .

"Empirical IMF analysis finds that U.S. shocks generate significant international spillovers and that financial shocks helped synchronize the Global Financial Crisis downturn."

Bui and Bayoumi find significant short-run spillovers from U.S. shocks and show how U.S. and U.K. financial-market crises contributed to the synchronized global downturn.

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Source title Their Cup Spilleth Over

Source authors Trung Bui, Tamim Bayoumi

Source year 2010

Confidence high

Importance high