Financial asymmetries between Euro area and the United States: An International Political Economy Perspective

Audrey Allegret, Jean-Pierre Allegret () and Dalia Ibrahim
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Jean-Pierre Allegret: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper assesses financial asymmetries between the Euro area and the United Stats using a financial accelerator framework. We estimate a GVAR model from 1995Q1 to 2016Q4 and find (i) that American financial shocks have a global influence whereas those of the Euro area are regional and (ii) that American financial shocks have larger effects in size than those of the Euro area. We develop an International Political Economy framework based on the concept of asymmetrical interdependence to point out policy suggestions whose the main objective is to increase the autonomy of the Euro area.

Keywords: Complex Interdependence; Financial Accelerator; United States; Euro area; GVAR (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-cba, nep-eec, nep-fdg and nep-mon
Note: View the original document on HAL open archive server: https://hal.science/hal-04036046
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Published in Journal of policy Modelling, inPress, 45 (2), pp.266-285. ⟨10.1016/j.jpolmod.2023.03.003⟩

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Journal Article: Financial asymmetries between Euro area and the United States: An international political economy perspective (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04036046

DOI: 10.1016/j.jpolmod.2023.03.003

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