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International trade and the transmission of shocks: the case of ASEAN-4 and NIE-4 economies



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Abstract
We investigate the effects of the increasing importance of ASEAN-4 and NIE-4 economies in global trade for thetransmission of shocks using a structural VAR framework. We specifically account for time variation, using thechanging trade links to provide a means of identifying the propagation of economic shocks and spillovers acrossthe US, EU and Asia Pacific economies from 1978 to 2015. The results include evidence of China’s emergence asa major driver of growth in Asian markets. The identification mechanism highlights the relative importance ofchanging trade relationships versus changing shocks in propagating shocks between global markets, and showsthat the international transmission mechanisms have changed substantially over the sample period.
Item Type: | Article |
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Authors/Creators: | Dungey, M and Khan, F and Raghavan, M |
Keywords: | SVAR models ASEAN, NIE, Trade links |
Journal or Publication Title: | Economic Modelling |
Publisher: | Elsevier Science Bv |
ISSN: | 0264-9993 |
DOI / ID Number: | 10.1016/j.econmod.2018.01.008 |
Copyright Information: | Copyright 2018 Elsevier B.V. |
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