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

journal contribution
posted on 2023-05-19, 17:08 authored by Dungey, M, Faisal KhanFaisal Khan, Mala RaghavanMala Raghavan
We investigate the effects of the increasing importance of ASEAN-4 and NIE-4 economies in global trade for the transmission of shocks using a structural VAR framework. We specifically account for time variation, using the changing trade links to provide a means of identifying the propagation of economic shocks and spillovers across the US, EU and Asia Pacific economies from 1978 to 2015. The results include evidence of China’s emergence as a major driver of growth in Asian markets. The identification mechanism highlights the relative importance of changing trade relationships versus changing shocks in propagating shocks between global markets, and shows that the international transmission mechanisms have changed substantially over the sample period.

History

Publication title

Economic Modelling

Volume

72

Pagination

109-121

ISSN

0264-9993

Department/School

TSBE

Publisher

Elsevier Science Bv

Place of publication

Po Box 211, Amsterdam, Netherlands, 1000 Ae

Rights statement

Copyright 2018 Elsevier B.V.

Repository Status

  • Restricted

Socio-economic Objectives

Macroeconomics not elsewhere classified

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