Credit supply shocks from the US have a bigger impact on global economies than those from the euro area and Japan. This was found by analyzing financial and economic data from 33 countries between 1983 and 2009. Negative US credit shocks lead to more severe effects on GDP, credit markets, and exchange rates compared to shocks from other regions. The UK is also significantly affected by these shocks. The study used a new method to model how these shocks spread internationally, showing that different types of financial connections between countries play a role in transmitting the shocks.