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As trade integration deepens in East Asia, it is expected that there will be closer links in business cycles among East Asian countries. Theoretically, however, increased trade can lead business cycles across trading partners to shift in either direction: while inter-industry trade resulting in...
Persistent link: https://www.econbiz.de/10014086585
The effects of changes in the yen|dollar exchange rate on the Korean economy during the pre-crisis and the post-crisis periods are examined using VAR models. The results show that Korean industrial production does not respond significantly to the depreciation of the Japanese yen against the US...
Persistent link: https://www.econbiz.de/10005808580
As trade integration deepens in East Asia, closer links among the business cycles of East Asian countries can be expected. Theoretically, however, increased trade could lead to either closer or looser business cycles across trading partners. This paper seeks to understand how the business cycles...
Persistent link: https://www.econbiz.de/10005814620
As trade integration deepens in East Asia, it is expected that there will be closer links in business cycles among East Asian countries. Theoretically, however, increased trade can lead business cycles across trading partners to shift in either direction: while inter-industry trade resulting in...
Persistent link: https://www.econbiz.de/10004985715
Regionalism is taking two forms. It is occurring firstly through free trade arrangements and secondly through monetary arrangements. In this paper, we highlight the issues related to the reversal of sequence between trade integration (free trade agreement) and monetary integration (a monetary...
Persistent link: https://www.econbiz.de/10004985735
Persistent link: https://www.econbiz.de/10007635141
We examine the de facto exchange rate arrangements in East Asia by applying the methods suggested by Calvo and Reinhart (2002) and Kim (2004). Estimation results suggest that three East Asian countries in our sample adopted a hard peg or a peg with capital account restrictions in the post-crisis...
Persistent link: https://www.econbiz.de/10005070129
This paper documents evidence of business cycle synchronization in selected Asia Pacific countries in the 1990s. We explain business cycle synchronization by the channel of international capital flows. Using the VAR method, we find that most Asian countries experience boom-bust cycles following...
Persistent link: https://www.econbiz.de/10005070156
This paper estimates the degree of risk sharing for each of 10 East Asian countries with countries in the region and with OECD countries by using cross-country consumption correlations and formal regression analysis. Risk sharing is found to be far from complete and quite low for most of the...
Persistent link: https://www.econbiz.de/10005075795
The macroeconomic effects of capital account liberalization in Korea are examined. Simple data analysis suggests that capital account liberalization substantially changed the nature and composition of capital flows. Based on the VAR model, the authors find the following stylized facts. First,...
Persistent link: https://www.econbiz.de/10005677072