Similar Search Results

Emerging Asia's Growth and Integration : How Autonomous are Business Cycles?

Rueffer, Rasmus - 2007

Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for...

Persistent link: https://www.econbiz.de/10012778007

Business cycle synchronization and insurance mechanisms in the EU

Afonso, António; Furceri, Davide - 2007

In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union, and on the ability of insurance mechanisms and fiscal policies to smooth income fluctuations. The results suggest in particular that while some of the new Member States have...

Persistent link: https://www.econbiz.de/10011604890

Business Cycle Synchronisation : Disentangling Trade and Financial Linkages

Dées, Stéphane - 2011

Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....

Persistent link: https://www.econbiz.de/10013128036

The Role of the United States in the Global Economy and Its Evolution over Time

Dées, Stéphane - 2009

This paper aims at assessing the role of the United States in the global economy and its evolution over time. The emergence of large economic players, like China, is likely to have weakened the role of the U.S. economy as a driver of global growth. Based on a Global VAR modelling approach, this...

Persistent link: https://www.econbiz.de/10012764530

The Transmission of US Cyclical Developments to the Rest of the World

Dées, Stéphane - 2007

The US economy is often considered to play a pivotal role in global growth. Such a view has persisted despite the falling contribution of the US economy to global growth (from almost 30% in 1950 to around 20% at present). In this paper, we analyse the veracity of this conjecture and consider the...

Persistent link: https://www.econbiz.de/10012776368

Spillover Effects in International Business Cycles

Camacho, Maximo; Pérez-Quirós, Gabriel; Pacce, Matías - 2021

To analyze the international transmission of business cycle fluctuations, we propose a new multilevel dynamic factor model with a block structure that (i) does not restrict the factors to being orthogonal and (ii) mixes data sampled at quarterly and monthly frequencies. By means of Monte Carlo...

Persistent link: https://www.econbiz.de/10013315087

International Transmission and Monetary Policy Cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10013316628

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity

Kalemli-Ozcan, Sebnem - 2010

We identify the effect of financial integration on international business cycle synchronization, by utilizing a confidential database on banks' bilateral exposure and employing a country-pair panel instrumental variables approach. Countries that become more integrated over time have less...

Persistent link: https://www.econbiz.de/10013141875

A minimal moral hazard central stabilisation capacity for the EMU based on world trade

Beetsma, Roel M. W. J.; Cimadomo, Jacopo; Cima, Simone - 2018

Recent debate has focused on the introduction of a central stabilisation capacity as a completing element of the Economic and Monetary Union. Its main objective would be to contribute cushioning country-specific economic shocks, especially when national fiscal stabilisers are run down. There are...

Persistent link: https://www.econbiz.de/10011853325

EMU and the adjustment to asymmetric shocks: the case of Italy

Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - 2009

In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking … to 2009. Our main result is that EMU does not appear to have materially changed the transmission mechanism of … idiosyncratic monetary shocks. The net effect of EMU, therefore, has been to reduce the relative performance variability. The …

Persistent link: https://www.econbiz.de/10011605174