Global financial linkages amplified US shocks: IMF paper

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An International Monetary Fund paper published on Monday says the close transatlantic relationship between North America and western Europe helped US shocks develop into global ones during the financial crisis.

The paper's authors, Tamim Bayoumi and Trung Buim, examine the evolution of trade and financial links across the North Atlantic and discuss the forces that drove increasingly close financial ties. The authors note that while the global financial crisis in late 2008 originated in the US

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