-movements of global factors in asset prices and capital flows with commodity prices, international trade and world output as well … as the sensitivity of different parts of the world to the Global Financial Cycle. We present evidence of the causal …

rate shocks. As it were, a real exchange rate shock will initially improve then worsen and then improve the country …

countries in the region trade intermediate goods heavily with themselves while trade more final goods with the rest of the world … as follows. First, a positive USA output shock raises exports, imports and GDP in most of the East Asian countries, and … concentrated in intermediate goods. Second, an export shock of an East Asian country that raises its exports also raises its …