Intra-regional spillovers in South America : is Brazil systemic after all?

Gustavo Adler and Sebastián Sosa

Shocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of Brazil's influence on its neighboring economies, documenting trade linkages over the last two decades and quantifying spillover effects in a Vector Auto Regression setting. While trade linkages with Brazil are significant for the Southern Cone countries (Argentina, Bolivia, Chile, Paraguay, and Uruguay), they are very weak for others. Consistent with this evidence, econometric results show that, w

MoreLess

Year of publication:	2012
Authors:	Adler, Gustavo ; Sosa, Sebastián
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Internationale Wirtschaftsbeziehungen \| International economic relations \| Spillover-Effekt \| Spillover effect \| Brasilien \| Brazil \| Lateinamerika \| Latin America

Extent:	Online-Ressource (PDF-Datei: 21 S., 1,531 KB) graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/145 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Contents; I. Introduction; Figures; 1. Latin America's Large Neighbors, 2010; Tables; 1. Business Cycle Comovement with Large Neighbors, 1990:Q1-2011:Q4; II. Export Linkages with Brazil; 2. South America: Exports of Goods by Region, 1990-2010; 3. South America: Intra-Regional Exports of Goods 1990-2010; III. How Important are Spillovers from Brazil? A VAR Approach; 4. South America's Exports: Exposure to Brazil, 1990-2010; 5. Export Performance in Brazil's Neighbors, 1990-2011; A. Impact of Brazil-Idiosyncratic Shocks; 6. Output Response to a Shock to Brazil's Output B. Amplification of Global Shocks2. Cumulative Impact on Output; 7. Output Response to a VIX Shock: Brazil's Amplifying Role; C. Variance Decomposition Analysis; IV. The Impact of Brazilian Real Depreciations; 8. Variance Decomposition of Output; 9. Real Exchange Rate Depreciation in Brazil: Export Performance in Southern Cone Neighbors; V. Conclusions; 10. Responses to a Shock to Brazil's Real Exchange Rate; Appendix Figures; 1. South America: Exports of Goods by Region, 1990-2010 (Percent of Total Exports); 2. South America: Exports of Goods by Region, 1990-2010 (Percent of GDP) 3. Output Response to a Shock to Global Output4. Output Response to a Shock to the VIX; 5. Output Response to a Shock to Commodity Prices; 6. Output Response to a Shock to Argentina's Output; 7. Real Exchange Rate Depreciation in Brazil: Export Performance in Southern Cone Neighbors; References Electronic reproduction; Available via World Wide Web
ISBN:	978-1-4755-0408-8 ; 978-1-4755-7660-3 ; 978-1-4755-0408-8
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009618584