International Shocks And Interdependence

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Global Interdependence, Decoupling, and Recoupling

Author : Yin-Wong Cheung
Publisher : MIT Press
ISBN 13 : 0262314452
Total Pages : 317 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Global Interdependence, Decoupling, and Recoupling by : Yin-Wong Cheung

Download or read book Global Interdependence, Decoupling, and Recoupling written by Yin-Wong Cheung and published by MIT Press. This book was released on 2013-11-15 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigations of the propagation and influence of global shocks among the economies of developed and developing countries. One lens through which to view global economic interdependence and the spillover of shocks is that of decoupling (and then recoupling). Decoupling between developed and developing countries can be seen in the strong economic performance of China and India relative to that of the United States and Europe in the early 2000s. Recoupling then took place as developing countries sank along with the developed world during the deepening financial crisis of 2008. This volume examines patterns of global economic interdependence and the propagation of shocks in an increasingly integrated world economy. The contributors discuss such topics as the transmission of exogenous shocks; causes of business cycle synchronicity; the differences between global and regional shocks; the South-South trade relationship and its effect on decoupling; vertical specialization and Mexico's manufacturing exports; growth prospects in China, the United States, and Europe after the financial crisis; and the evolving role of the U.S. dollar in international monetary architecture. Contributors Helge Berger, Rossella Calvi, Yin-Wong Cheung, Gianluca Cubadda, Justino De La Cruz, Filippo di Mauro, Michael Dooley, Eiji Fujii, Linda S. Goldberg, Barbara Guardabascio, Alain Hecq, Hideaki Hirata, Robert B. Koopman, M. Ayhan Kose, Marco J. Lombardi, Steven Lugauer, Nelson C. Mark, Volker Nitsch, Christopher Otrok, Tuomas Antero Peltonen, Gabor Pula, Pierre L. Siklos, Zhi Wang, Shang-Jin Wei, Frank Westermann

International Shocks and Interdependence

Author : Robert W. Croce
Publisher :
ISBN 13 :
Total Pages : 110 pages
Book Rating : 4.:/5 (347 download)

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Book Synopsis International Shocks and Interdependence by : Robert W. Croce

Download or read book International Shocks and Interdependence written by Robert W. Croce and published by . This book was released on 1995 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Economic Interdependence, Patterns of Trade Balances and Economic Policy Coordination

Author : Mario Baldassarri
Publisher : Springer
ISBN 13 : 1349222569
Total Pages : 437 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis International Economic Interdependence, Patterns of Trade Balances and Economic Policy Coordination by : Mario Baldassarri

Download or read book International Economic Interdependence, Patterns of Trade Balances and Economic Policy Coordination written by Mario Baldassarri and published by Springer. This book was released on 2016-07-27 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The subject of this book is the kind of economic interaction and interdependence that has arisen among nations in the contemporary world economy, the nature and significance of the pattern of trade balances that have resulted from them, and the question of what, if anything, should be done by national governments about that pattern. The need for international coordination of economic policies is also investigated.

International Macroeconomic Interdependence

Author : Paul R. Bergin
Publisher :
ISBN 13 : 9789813225343
Total Pages : 434 pages
Book Rating : 4.2/5 (253 download)

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Book Synopsis International Macroeconomic Interdependence by : Paul R. Bergin

Download or read book International Macroeconomic Interdependence written by Paul R. Bergin and published by . This book was released on 2018 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How does globalization in goods and asset markets alter the nature of economic recessions and the choices facing macroeconomic policy makers? This volume presents empirical and theoretical contributions of economist Paul Bergin to this vital question. By a number of metrics, including trade volume and price convergence, national goods markets have become more globally integrated over time. The same is true for asset markets, which today function more as a single global marketplace. Rigorous theoretical models are developed to explore how international integration in these markets provides channels by which shocks driving recession in one country can be transmitted to other countries. These theoretical concepts can shed light on the Great Recession of the last decade, which has been referred to as the first truly global recession. Theory is also brought to bear to explore how these international spillovers and the resulting international co-movement in recessions can create incentives for policy makers to coordinate their monetary and fiscal policies with each other, as they deal with the challenge of managing their national economies."--Publisher's website.

International Equity Markets Interdependence

Author : Giovanna Bua
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis International Equity Markets Interdependence by : Giovanna Bua

Download or read book International Equity Markets Interdependence written by Giovanna Bua and published by . This book was released on 2017 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract This paper investigates the nature of shocks across international equity markets and evaluates the shifts in their comovements at a business-cycle frequency. Using an “identification through heteroskedasticity” methodology, we compute the impact coefficients on the common and country-specific shocks to stock returns. We then establish three key results regarding the recent comovement amongst returns. First, across all indices, persistent high-volatility spells always coincide with macroeconomic slowdowns. This confirms that market volatility increases as a result of shifts in the perception of macroeconomic risk. Second, there is a rise in the observed responses of international stock returns to common shocks during turbulent periods; such increase is largely attributable to bigger shocks (heteroskedasticity of fundamentals) rather than to breaks in the transmission mechanism or increased structural interdependence between markets. This holds for the Great Financial Crisis too. Third, since around the turn of the new millennium, returns have been hit more often by high-volatility common shocks, likely because of larger and more persistent macroeconomic disturbances.

The Shock of the Global

Author : Niall Ferguson
Publisher : Belknap Press
ISBN 13 : 0674061861
Total Pages : 449 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis The Shock of the Global by : Niall Ferguson

Download or read book The Shock of the Global written by Niall Ferguson and published by Belknap Press. This book was released on 2011 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title examines the large-scale structural upheaval of the 1970s by transcending the standard frameworks of national borders and superpower relations. It reveals an international system in the throes of enduring transformations.

Leverage Constraints and the International Transmission of Shocks

Author : Michael B. Devereaux
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (512 download)

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Book Synopsis Leverage Constraints and the International Transmission of Shocks by : Michael B. Devereaux

Download or read book Leverage Constraints and the International Transmission of Shocks written by Michael B. Devereaux and published by . This book was released on 2009 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent portfolio holdings among leverage-constrained investors. In our model, without leverage constraints on investment, financial integration itself has no implication for international macro co-movements. When leverage constraints bind however, the presence of these constraints in combination with diversified portfolios introduces a powerful financial transmission channel which results in a positive co-movement of production, independently of the size of international trade linkages. In addition, the paper shows that, with binding leverage constraints, the type of financial integration is critical for international co-movement. If international financial markets allow for trade only in non-contingent bonds, but not equities, then the international co-movement of shocks is negative. Thus, with leverage constraints, moving from bond trade to equity trade reverses the sign of the international transmission of shocks.

Globalisation, Regionalism and Economic Interdependence

Author : Filippo di Mauro
Publisher : Cambridge University Press
ISBN 13 : 0521886066
Total Pages : 183 pages
Book Rating : 4.5/5 (218 download)

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Book Synopsis Globalisation, Regionalism and Economic Interdependence by : Filippo di Mauro

Download or read book Globalisation, Regionalism and Economic Interdependence written by Filippo di Mauro and published by Cambridge University Press. This book was released on 2008 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: An assessment of the extent to which increased global and regional integration has changed the functioning of the world economy. With contributions from both academics and professionals, it analyses the implications for global trade, relocation of production, structural changes and the international transmission of shocks.

Economic Interdependence and International Conflict

Author : Edward Deering Mansfield
Publisher : University of Michigan Press
ISBN 13 : 0472022938
Total Pages : 367 pages
Book Rating : 4.4/5 (72 download)

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Book Synopsis Economic Interdependence and International Conflict by : Edward Deering Mansfield

Download or read book Economic Interdependence and International Conflict written by Edward Deering Mansfield and published by University of Michigan Press. This book was released on 2009-09-15 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: The claim that open trade promotes peace has sparked heated debate among scholars and policymakers for centuries. Until recently, however, this claim remained untested and largely unexplored. Economic Interdependence and International Conflict clarifies the state of current knowledge about the effects of foreign commerce on political-military relations and identifies the avenues of new research needed to improve our understanding of this relationship. The contributions to this volume offer crucial insights into the political economy of national security, the causes of war, and the politics of global economic relations. Edward D. Mansfield is Hum Rosen Professor of Political Science and Co-Director of the Christopher H. Browne Center for International Politics at the University of Pennsylvania. Brian M. Pollins is Associate Professor of Political Science at Ohio State University and a Research Fellow at the Mershon Center.

Understanding Interdependence

Author : Peter B. Kenen
Publisher : Princeton University Press
ISBN 13 : 0691231133
Total Pages : 566 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Understanding Interdependence by : Peter B. Kenen

Download or read book Understanding Interdependence written by Peter B. Kenen and published by Princeton University Press. This book was released on 2021-06-08 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

Exchange Rate Movements and International Interdependence of Stock Markets

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451974493
Total Pages : 52 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Exchange Rate Movements and International Interdependence of Stock Markets by : International Monetary Fund

Download or read book Exchange Rate Movements and International Interdependence of Stock Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-05-12 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates linkages between stock markets in seven industrialized countries since 1974. Empirical evidence shows that both nominal and real stock prices (and returns) are strongly positively correlated across countries, and that nominal exchange rate changes do not have systematic effects on nominal stock prices. A two-country theoretical model is developed and an attempt is made to reconcile the empirical findings with the properties of this model. Independent evidence on the main sources of shocks is used to argue that the time-varying correlation in the data can be reconciled with the predictions of the theory.

Network Effects of International Shocks and Spillovers

Author : Mr.Alexei Kireyev
Publisher : International Monetary Fund
ISBN 13 : 1513542923
Total Pages : 43 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Network Effects of International Shocks and Spillovers by : Mr.Alexei Kireyev

Download or read book Network Effects of International Shocks and Spillovers written by Mr.Alexei Kireyev and published by International Monetary Fund. This book was released on 2015-07-07 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a method for assessing international spillovers from nominal demand shocks. It quantifies the impact of a shock in one country on all other countries. The paper concludes that the network effects in shock spillovers can be substantial, comparable, and often exceed the initial shock. Individual countries may amplify, absorb, or block spillovers. Most developed countries pass-through shocks, whereas low-income countries and oil exporters tend to block shock spillovers. The method is used to study demand shocks originating from a large and medium country, China and Ukraine respectively.

Macroeconomic Policies in an Interdependent World

Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 9781557751119
Total Pages : 438 pages
Book Rating : 4.7/5 (511 download)

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Book Synopsis Macroeconomic Policies in an Interdependent World by : Mr.Paul R. Masson

Download or read book Macroeconomic Policies in an Interdependent World written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1989-06-15 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as between them and the developing regions of the world.

Leverage Constraints and the International Transmission of Shocks

Author : Michael B. Devereux
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Leverage Constraints and the International Transmission of Shocks by : Michael B. Devereux

Download or read book Leverage Constraints and the International Transmission of Shocks written by Michael B. Devereux and published by . This book was released on 2015 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent macroeconomic experience has drawn attention to the importance of interdependence among countries through financial markets and institutions, independently of traditional trade linkages. This paper develops a model of the international transmission of shocks due to interdependent portfolio holdings among leverage-constrained investors. In our model, without leverage constraints on investment, financial integration itself has no implication for international macro co-movements. When leverage constraints bind however, the presence of these constraints in combination with diversified portfolios introduces a powerful financial transmission channel which results in a positive co-movement of production, independently of the size of international trade linkages. In addition, the paper shows that, with binding leverage constraints, the type of financial integration is critical for international co-movement. If international financial markets allow for trade only in non-contingent bonds, but not equities, then the international co-movement of shocks is negative. Thus, with leverage constraints, moving from bond trade to equity trade reverses the sign of the international transmission of shocks.

Globalisation and Interdependence in the International Political Economy

Author : R. J. Barry Jones
Publisher : Bloomsbury Publishing
ISBN 13 : 1472506057
Total Pages : 264 pages
Book Rating : 4.4/5 (725 download)

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Book Synopsis Globalisation and Interdependence in the International Political Economy by : R. J. Barry Jones

Download or read book Globalisation and Interdependence in the International Political Economy written by R. J. Barry Jones and published by Bloomsbury Publishing. This book was released on 2013-11-07 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalisation and Interdependence in the International Political Economy addresses central developments within the contemporary international system. The notions of interdependence and globalisation that have accompanied the political discourse of 'a new world disorder' are replete with definitional ambiguities, theoretical difficulties and empirical complexities. Barry Jones offers a critical review and analysis of these concepts, their significance and place within the wider debates of international political economy. He argues that contemporary conditions are complex, with regionalising tendencies cross-cutting those of increasing globalisation, and 'national' impulses surviving even in the face of powerful 'internationalising' forces. Future developments, it is concluded, may also be far more uncertain and turbulent than is widely anticipated. Written by a leading authority, this volume is an effective and compelling introduction to the complex study of international political economy.

Global Linkages

Author : Warwick J. McKibbin
Publisher : Brookings Institution Press
ISBN 13 : 9780815716686
Total Pages : 302 pages
Book Rating : 4.7/5 (166 download)

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Book Synopsis Global Linkages by : Warwick J. McKibbin

Download or read book Global Linkages written by Warwick J. McKibbin and published by Brookings Institution Press. This book was released on 2011-03-01 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United States went from being the world's largest creditor country to the world's largest debtor, while Japan and West Germany experienced a rise in trade surpluses. Such a shift in international trade flows has had profound effects on the world economy. McKibbin and Sachs address a range of issues involving macroeconomic imbalances in the world economy. Through the use of a new simulation model of the world economy they explore how policy actions undertaken in one country affect the trade flows and macroeconomic patterns among the other counties. The authors show that key macroeconomic features of the 1980s can be explained by shifts in monetary and fiscal policies in the major economies and by supply shocks due to changes in oil prices. In addition to showing how the global macroeconomic experience can be understood, they focus on a number of current policy issues, including the reduction of global trade imbalances, the consequences of U.S. fiscal consolidation, the effects of an oil price shock, the implications for the U.S. economy of increases in Japanese and German fiscal spending, the effects of targeting exchange rates among the major currencies, and the gains of increased coordination of macroeconomic politics among the major economies. In several cases, their conclusions are shown to be quite different from those that form the basis of many conventional views. The authors also analyze the importance of interaction between policymakers in industrial economies and conclude by reemphasizing the need for U.S. politicians and policy experts to recognize that macroeconomic results in the U.S. now depend heavily on events abroad.

Structural Change, Economic Interdependence and World Development

Author : International Economic Association. World Congress
Publisher : Palgrave Macmillan
ISBN 13 :
Total Pages : 600 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Structural Change, Economic Interdependence and World Development by : International Economic Association. World Congress

Download or read book Structural Change, Economic Interdependence and World Development written by International Economic Association. World Congress and published by Palgrave Macmillan. This book was released on 1987-09-29 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: