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The reaction of the U.S. and the European Monetary Union to recent global financial crises

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  • Kowalski, Tadeusz
  • Shachmurove, Yochanan

Abstract

This paper analyzes the responses of the United States and the economies of the Economic and Monetary Union (EMU) to the financial and economic crisis of 2008–2009. The crisis illuminates the fundamental structural problems within the EMU, the European Union and the United States and the scale and scope of interconnections among the world economy. The paper focuses on the reactions of the real sector to the financial disturbances in these economies. Both comparative static and dynamic methodologies are used in order to appraise the scope and pace of adjustments in response to the global crisis.

Suggested Citation

  • Kowalski, Tadeusz & Shachmurove, Yochanan, 2014. "The reaction of the U.S. and the European Monetary Union to recent global financial crises," Global Finance Journal, Elsevier, vol. 25(1), pages 27-47.
    • Handle: RePEc:eee:glofin:v:25:y:2014:i:1:p:27-47
    DOI: 10.1016/j.gfj.2014.03.002
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    More about this item

    Keywords

    Financial crisis; International competitiveness; Monetary and fiscal policies; Regulations; European Monetary Union; United States;
    All these keywords.

    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • F0 - International Economics - - General
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • G0 - Financial Economics - - General
    • H0 - Public Economics - - General

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