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.

Domestic demand and global production in the Eurozone: a multi-regional input-output ssessment of the global crisis / Garbellini, Nadia; Marelli, Enrico; Wirkierman, Ariel Luis. - In: INTERNATIONAL REVIEW OF APPLIED ECONOMICS. - ISSN 0269-2171. - 28:3(2014), pp. 335-363. [10.1080/02692171.2013.872086]

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