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Domestic demand and global production in the Eurozone: a multi-regional input-output assessment of the global crisis

journal contribution
posted on 2023-06-09, 02:01 authored by Nadia Garbellini, Enrico Marelli, Ariel Luis Wirkierman
This paper studies the effects of domestic and foreign demand impulses in euro area economies following the Great Recession of 2008-2009 and the Eurozone crisis of 2011-2012. Using a global Input-Output framework we apply a set of metrics to assess spillover effects of international trade in intermediates triggered by the dynamics of final demand. Our findings suggest that while cross-country trade spillovers have played a crucial role during the Great Recession, they have had a moderate impact when compared with the role of domestic sources of final demand during the Eurozone crisis. Hence, a strategy of coordinated fiscal austerity cannot be sustained by empirical evidence.

History

Publication status

  • Published

Journal

International Review of Applied Economics

ISSN

0269-2171

Publisher

Taylor & Francis

Issue

3

Volume

28

Page range

336-364

Department affiliated with

  • SPRU - Science Policy Research Unit Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2016-07-04

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