An International Monetary Fund paper, published on Monday, finds evidence of positive spillover effects to growth from the US, Japan and France, but less so from Spain and Germany.

Hélène Poirson and Sebastian Weber, the paper's authors, use a vector auto-regression framework to study the potential benefits from growth spillovers during a crisis and whether positive growth shocks from the faster-growing countries in Europe spill over to the slower growing countries, aiding the recovery process.