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This paper develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries …
Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...
The international business cycle is very important for Latin America's economic performance as the recent global crisis vividly illustrated. This paper investigates how changes in trade linkages between China, Latin America, and the rest of the world have altered the transmission mechanism of...
Despite the rapid development of economic interaction between the People’s Republic of China (PRC) and Latin American and Caribbean (LAC) countries, their trade and investment ties are still in their very early stages, and the complementarily of factor endowments dominates their bilateral...
This paper tests if real and financial linkages between countries can explain why movements in the world's largest markets often have such large effects on other financial markets, and how these cross-market linkages have changed over time. It estimates a factor model in which a country's market...
In this paper we assess the impact of oil price shocks on oil-producer and oil-consumer economies. VAR models for …
local disturbances across Italian regions, in this paper we specify and estimate a bivariate structural spatial VAR model …
Latin American countries. For this purpose, a highly parsimonious structural VAR model – identified through bilateral trade …
We estimate a system of equations to analyze whether bilateral trade and financial linkages influence business cycle synchronization directly and/or indirectly. Our paper builds upon the existing literature by using bilateral trade and financial flows for a small, open economy (Spain) as...
This paper investigates the short-run dynamic impact of foreign currency shocks on the deviations of Latvian <i>lats</i> vis-à-vis US <i>dollar</i> market spot rate from the parity set via <i>lats'</i> peg to SDR for the period from 1994 to 2000. The analysis is based on the standard theoretical model of dynamic...