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Do Trade And Financial Linkages Foster Business Cycle Synchronization In A Small Economy
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Book Synopsis Do Trade and Financial Linkages Foster Business Cycle Synchronization in a Small Economy? by : Alicia García-Herrero
Download or read book Do Trade and Financial Linkages Foster Business Cycle Synchronization in a Small Economy? written by Alicia García-Herrero and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Do Trade and Financial Links Foster Business Cycle Synchronization in a Small Economy? by : Alicia García-Herrero
Download or read book Do Trade and Financial Links Foster Business Cycle Synchronization in a Small Economy? written by Alicia García-Herrero and published by . This book was released on 2012 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as benchmark for the results, instead of the US as generally done in the literature. We find that both the similarity of productive structure and trade links promote the synchronization of cycles. However, bilateral financial links are inversely related to the co-movement of output. This might point to financial integration allowing an easier transfer of resources between two economies, which could enable their decoupling, as predicted by a standard model of international business cycles. Both the effects of trade and financial links on output synchronization are statistically significant and economically relevant.
Book Synopsis How Much Do Trade and Financial Linkages Matter for Business Cycle Synchronization in a Small Economy? by : Alicia García-Herrero
Download or read book How Much Do Trade and Financial Linkages Matter for Business Cycle Synchronization in a Small Economy? written by Alicia García-Herrero and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze empirically whether trade and financial linkages between two countries increase the synchronization of their business cycles directly or indirectly. In a system of equations, we use a newly processed database on the bilateral linkages of a small open economy, namely Spain. We prefer this to the generally used US data, to avoid other channels of influence of such a large economy affecting the results. We find that both trade or financial linkages only foster synchronization of business cycles indirectly, by increasing the similarity of economic structure between countries, which itself induces more similar output movements. This result suggests that sectoral shocks, rather than intra-industry shocks, have prevailed in the last 15 years. The net effects of both trade and financial linkages on business cycle synchronization are statistically significant, but very small in economic terms. Common macroeconomic policies, instead, are much more important determinants of output co-movements.
Book Synopsis Business cycle synchronisation : disentangling trade and financial linkages by : Stéphane Dées
Download or read book Business cycle synchronisation : disentangling trade and financial linkages written by Stéphane Dées and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade, Finance, Specialization, and Synchronization by : Mr.Jean Imbs
Download or read book Trade, Finance, Specialization, and Synchronization written by Mr.Jean Imbs and published by International Monetary Fund. This book was released on 2003-04-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates the determinants of business cycles synchronization across regions. It uses both international and intranational data to evaluate the linkages between trade in goods, trade in financial assets, specialization and business cycles synchronization using a system of simultaneous equations. The results are as follows: (i) Simultaneity is important, as both trade and financial openness have a direct and an indirect effect on cycle synchronization. (ii) A variety of alternative measures of financial integration suggest that regions with strong financial links are significantly more synchronized, though they are also more specialized. (iii) Specialization patterns have a sizable effect on business cycles, beyond their reflection of intra-industry trade, and of openness to goods and assets trade. (iv) The estimated role of trade is in line with existing models once intra-industry trade is controlled for. The results relate to a recent strand of international business cycle models with incomplete markets and transport costs, and, on the empirical side, point to an important omission in the usual criteria defining an optimal currency area, namely specialization patterns.
Book Synopsis Business Fluctuations and Cycles by : T. Nagakawa
Download or read book Business Fluctuations and Cycles written by T. Nagakawa and published by Nova Publishers. This book was released on 2008 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The business cycle or economic cycle refers to the periodic fluctuations of economic activity about its long term growth trend. The cycle involves shifts over time between periods of relatively rapid growth of output (recovery and prosperity), alternating with periods of relative stagnation or decline (contraction or recession). These fluctuations are often measured using the real gross domestic product. One of the government's main roles is to smooth out the business cycle and reduce its fluctuations. To call those alternances 'cycles' is rather misleading as they don't tend to repeat at fairly regular time intervals. Most observers find that their lengths (from peak to peak, or from trough to trough) vary, so that cycles are not mechanical in their regularity. Since no two cycles are alike in their details, some economists dispute the existence of cycles and use the word 'fluctuations' (or the like) instead. Others see enough similarities between cycles that the cycle is a valid basis of studying the state of the economy. A key question is whether or not there are similar mechanisms that generate recessions and/or booms that exist in capitalist economies so that the dynamics that appear as a cycle will be seen again and again. This new book presents leading-edge research in this field.
Book Synopsis How Does Globalization Affect the Synchronization of Business Cycles? by : M. Ayhan Kose
Download or read book How Does Globalization Affect the Synchronization of Business Cycles? written by M. Ayhan Kose and published by International Monetary Fund. This book was released on 2003-03-04 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and financial integration enhance global spillovers of macroeconomic fluctuations is stronger for industrial countries. One striking result is that, on average, cross-country consumption correlations have not increased in the 1990s, precisely when financial integration would have been expected to result in better risk-sharing opportunities, especially for developing countries.
Book Synopsis Do Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debateon Decoupling and Spillovers by : Kingsley I. Obiora
Download or read book Do Trading Partners Still Matter for Nigeria's Growth? A Contribution to the Debateon Decoupling and Spillovers written by Kingsley I. Obiora and published by International Monetary Fund. This book was released on 2009-10-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should policymakers still be concerned about economic growth in trading partners? Have developing and emerging market countries decoupled from the US enough to grow despite significant recession in the US? Using VAR models, this paper addresses these questions for Nigeria in the context of the global crisis. The results seem to debunk the "decoupling theory" and suggest there are still significant spillovers from Nigeria's main trading partners, including the US, with trade and commodity price linkages being the dominant transmission channels. Given the sharp fall in both trade financing and commodity prices in aftermath of the crisis, these results provide some explanation to the realization of adverse second-round effects in Nigeria.
Book Synopsis The Indonesian Economy by : Aris Ananta
Download or read book The Indonesian Economy written by Aris Ananta and published by Institute of Southeast Asian Studies. This book was released on 2011 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Indonesia is one of the few countries that came through the global economic crisis in 2008-09 with positive economic growth. Despite some recorded positive domestic economic performances, Indonesia faces new challenges as its economy keeps growing and the global economy remains uncertain. A new economic development paradigm is needed to overcome old problems (poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions) with global market opportunities. This book provides a new perspective on how Indonesian’s economic policies should be developed by considering its past and future challenges." - Firmanzah, Professor of Economics and Dean of Faculty of Economics, University of Indonesia "Aris Ananta, Muljana Soekarni and Sjamsul Arifin gather excellent researchers and practitioners to discuss important economic policy issues for Indonesia today. They discuss monetary and fiscal policies and real economic sector issues based not only on theoretical analysis but also on their day-to-day experience in economic management. By reviewing Indonesia's economic policy reform and subsequent Asian financial crisis and sub-prime loan crisis, the authors present a new economic development paradigm and explore economic strategy and policies for the new era. The book offers many timely lessons from history, as well as the real policy experiences of the authors, and guides readers in exploring economic policies under the globalized world economy. This book is very useful for both practitioners and researchers." - Masaaki Komatsu, Professor of Economics, Hiroshima University
Book Synopsis Economic and Financial Integration in South Asia by : Sanjay Sehgal
Download or read book Economic and Financial Integration in South Asia written by Sanjay Sehgal and published by Taylor & Francis. This book was released on 2020-10-25 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the current state and potential of economic and financial integration in South Asia, which has emerged as one of the most dynamic regions of the world. It looks at how regional convergences and cooperation would reinforce ties amongst the diverse economies of South Asia in the changing global economic landscape. Drawing on empirical research, the book looks at the degree of economic and financial integration in South Asia, which according to the World Bank includes the least integrated regions in the world, and explores the fundamental factors that drive integration amongst these countries. It offers important insights into the financial landscape of the region, as well as the dynamics of the interlinkages in the banking system, the stock markets, and the debt markets. The book examines the role of bilateral trade in augmenting regional economic ties, the opportunities for growth these will foster, and the major challenges and roadblocks for the leaders of the region. It also provides an overview of China’s role in South Asia’s financial integration and the interdependence of these economies for economic opportunities, macroeconomic and financial stability, jobs, sustainable growth, and inclusive development. Detailed and insightful, this book will be of great interest to investors and regional policymakers. It will also be of interest to researchers and students of economics, public and foreign policy, finance, international relations, and South Asia studies.
Book Synopsis Do Political Parties Foster Business Cycles? An Examination of Developed Economies by : Koyin Chang
Download or read book Do Political Parties Foster Business Cycles? An Examination of Developed Economies written by Koyin Chang and published by . This book was released on 2016 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores different possible factors that have impacted business cycle synchronization across industrialized countries in the past quarter century. We employ a comprehensive model that includes as the main determinants of output co-movements not only trade and financial integration, but also similarities of economic policies and political preferences across countries. Focusing on 14 developed countries from 1980 to 2010, our main finding is that economic policies and the political environment have strong influences on business cycles in each country and their correlations across countries. In particular, we find that having differing political parties between two countries lowers business cycles correlations, but only when we allow for partisan effects to dissipate several quarters after political elections. Our results hold while also controlling for economic determinants of business cycle correlations, including trade, finance, geography and measures of policy convergence. Our findings therefore demonstrate a more comprehensive link between these factors and business cycle synchronization than prior studies.
Book Synopsis Catching the Flu from the United States by : Filippo di Mauro
Download or read book Catching the Flu from the United States written by Filippo di Mauro and published by Springer. This book was released on 2010-07-14 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking at historical cross-country interactions, this book examines the role of the US in the world economy. Illustrating that US shocks tend to have a global nature and that Monetary Union only partially shelters the Euro area from its external environment, the US should fully assume its responsibility, minimizing shock transmission.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484347226 Total Pages :88 pages Book Rating :4.4/5 (843 download)
Book Synopsis German-Central European Supply Chain-Cluster Report by : International Monetary Fund. European Dept.
Download or read book German-Central European Supply Chain-Cluster Report written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-08-20 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the Cluster Report on German-Central European Supply Chain (GCESC). Since the 1990s, a GCESC has evolved, manufacturing goods for export to the rest of the world. Reflecting this, bilateral trade linkages between Germany and the Czech Republic, Hungary, Poland, and the Slovak Republic (CE4) have expanded rapidly. Participation in the GCESC has led to technology transfers to CE4 countries and accelerated income convergence. Export growth in knowledge-intensive sectors has been particularly rapid in the CE4. It is also observed that complementarities between supply chain activities and domestic production have led to greater synchronization of the business cycle among GCESC countries.
Book Synopsis Trade Integration and Business Cycle Synchronization by : Mr.Romain A Duval
Download or read book Trade Integration and Business Cycle Synchronization written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2014-04-03 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new value-added trade data for 63 advanced and emerging economies during 1995–2012. In a panel framework, we identify a strong positive impact of trade intensity on BCS—conditional on various controls, global common shocks and country-pair heterogeneity—that is absent when gross trade data are used. That effect is bigger in crisis times, pointing to trade as an important crisis propagation mechanism. Bilateral intra-industry trade and trade specialization correlation also appear to increase co-movement, indicating that not only the intensity but also the type of trade matters. Finally, we show that dependence on Chinese final demand in value-added terms amplifies the international spillovers and synchronizing impact of growth shocks in China.
Book Synopsis Expats and the Labor Force by : G. Naufal
Download or read book Expats and the Labor Force written by G. Naufal and published by Springer. This book was released on 2012-10-31 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation into the labor force in the Gulf Cooperation Council (GCC) countries primarily focusing on labor migration and remittances. The GCC countries have the highest share of foreign labor in the world. The authors examine the multidimensional aspects of such a large foreign population.
Download or read book CEPAL Review written by and published by . This book was released on 2012 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade, Finance, Specialization, and Synchronization by : Jean M. Imbs
Download or read book Trade, Finance, Specialization, and Synchronization written by Jean M. Imbs and published by . This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates the determinants of business cycles synchronization across regions. It uses both international and intranational data to evaluate the linkages between trade in goods, trade in financial assets, specialization and business cycles synchronization using a system of simultaneous equations. The results are as follows: (i) Simultaneity is important, as both trade and financial openness have a direct and an indirect effect on cycle synchronization. (ii) A variety of alternative measures of financial integration suggest that regions with strong financial links are significantly more synchronized, though they are also more specialized. (iii) Specialization patterns have a sizable effect on business cycles, beyond their reflection of intra-industry trade, and of openness to goods and assets trade. (iv) The estimated role of trade is in line with existing models once intra-industry trade is controlled for. The results relate to a recent strand of international business cycle models with incomplete markets and transport costs, and, on the empirical side, point to an important omission in the usual criteria defining an optimal currency area, namely specialization patterns.
