Abstract: In the literature, the decoupling hypothesis means that some countries would not be affected by the dynamic of economic crises which emerge in large-scale economies and would maintain their rate of economic growth. This hypothesis has been promoted during the global financial crisis which arose first in the USA and then spread nearly all over the world. Nowadays, as some economies have lowered their dependence on developed economies, this may be considered as an evidence of the validity of this hypothesis. However, it is observed that economic growth in developing countries does not slow down as much as in developed countries, but also developing countries have a delayed and relatively small economic contraction: in the literature this hypothesis is called recoupling. In this study, we aim to examine the differences between the start of the crisis in Europe and their recent dynamics today are xamined within the framework of these hypotheses.
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