Newcastle University Business School

Event Item

Contagion from the Euro Crisis

Date/Time: Wednesday 18 December 2019, 16:30 - 19:00

Venue: Room 3.15, Newcastle University Business School


The prevalence of contagion between the Euro-zone countries and other European countries since the Greek crisis of 2009 is now well–known, but the factors that influence the pattern of this contagion are not well understood. We investigate this question both within Europe and beyond to the USA and Japan, using alternative measures and methods. We find a different pattern of contagion emanating from Ireland compared to the other crisis countries of Greece, Italy, Portugal and Spain. We also examine the factors that have made countries vulnerable to contagion and find that financial factors are more important than trade ones. However, intra-Euro-zone trade has also been a significant factor between the major Eurozone economies. There is little evidence that global factors affect contagion between EU member states, but some evidence that nominal exchange rate movements offer a degree of insulation from contagion for the non-Euro zone states.

Guest speaker: Eric Pentecost, Loughborough