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The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the...
Persistent link: https://www.econbiz.de/10011474806
The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the...
Persistent link: https://www.econbiz.de/10001680906
Persistent link: https://www.econbiz.de/10010359646
, and inflation volatility, and in global macroeconomic indicators like the oil price, world stock market returns, and … exchange rate volatility. The results indicate that in a globalized world spillovers from emerging markets and industrial … countries other than the G7 play a relevant role for major aspects of the G7 and world business cycle. …
Persistent link: https://www.econbiz.de/10011499802
This paper uses a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk, and country spreads contribute to macroeconomic fluctuations in emerging countries. The main...
Persistent link: https://www.econbiz.de/10013076305
We propose and implement an index of macroeconomic vulnerability to foreign shocks based on a structural time-varying bayesianVARwith a block-exogeneity hypothesis for a given pair of a large economy and a small open economy. The index is based on the sum of the responses of the small open...
Persistent link: https://www.econbiz.de/10012814956
According to a growing body of empirical literature, global shocks have become less important for business cycles in industrialized countries and emerging market economies since the mid-1980s. In this paper, we analyze the question of what might have caused a decoupling from the global business...
Persistent link: https://www.econbiz.de/10011584095
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