The integration of China into the global economy is one of the most spectacular events in economic history. This paper … investigates to what extent this process affects output growth and inflation in the advanced countries. A GVAR model is specified … to explore interdependencies between business cycles in China and industrial countries, including the US, the euro area …

China) countries. The results reveal a strong impact of international variables on GDP growth. In contrast to the other … countries, China plays a crucial role in determining global trade and oil prices. Hence, the change in the Chinese growth …, the Chinese fiscal stimulus prevented a decline in GDP growth not only in that country, but also in resource …

, China) countries. The results reveal a strong impact of international variables on GDP growth. In contrast to the other … countries, China plays a crucial role in de-termining global trade and oil prices. Hence, the change in the Chinese growth … markets turned out to be less persistent. Despite the modest recovery in advanced economies, GDP growth declined in emerging …

China) countries. The results reveal a strong impact of international variables on GDP growth. In contrast to the other … countries, China plays a crucial role in determining global trade and oil prices. Hence, the change in the Chinese growth …, the Chinese fiscal stimulus prevented a decline in GDP growth not only in that country, but also in resource …