Souki, Kaouthar; Enders, Walter - In: Journal of International Money and Finance 27 (2008) 8, pp. 1420-1429
A common assumption is that global shocks have little influence on current accounts, relative output levels, and real exchange rates. We use a four-variable structural VAR of the Sims-Bernanke type that allows us to obtain a global shock and three country-specific shocks. We find that global...