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The financial and banking crises in USA in late 2007 led to a decline in economic activities in the industrialized countries, triggering a world-wide recession since then. The ongoing global economic downturn has brought into sharp focus the subject of macroeconomic interdependence of Pacific...
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paper simulates the impact of a shortterm shock originating from the global financial system on small open economies in the … similarities and differences of the impact of a pure international financial shock on aggregate domestic price inflation and on … output gap for each of the four ASEAN countries. It suggests that the impact of such shock on the sampled economies tends to …
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