In this paper, we investigate the degree of real economic interdependence between emerging Asia and major industrial … countries to shed light on the heated debate over the "decoupling" of emerging Asia. We first document the evolution of …, the reverse is also true. Output shocks from emerging Asia (and the People's Republic of China [PRC]) have a significant …

exogenous countries, and develops new indices to measure the degree of shock transmission in terms of intermediate goods and … value-added embodied in production induced by negative global demand shock to finished goods. After the Global Financial … substantial decline in finished goods exports, especially in the transport equipment industry. In Japan, the shock effect tends to …