Access the full text.
Sign up today, get DeepDyve free for 14 days.
Çiğdem Akın, M. Kose (2007)
Changing Nature of North-South Linkages: Stylized Facts and ExplanationsERN: Economic Growth & Aggregate Productivity in Developing Economies (Topic)
Kalemli‐Ozcan Kalemli‐Ozcan, Sorensen Sorensen, Yosha Yosha (2001)
Economic Integration, Industrial Specialization, and the Asymmetry of Macroeconomic FluctuationsJournal of International Economics, 33
Soyoung Kim, Jong‐Wha Lee (2012)
Real and Financial Integration in East AsiaERN: Asia
Ettore Dorrucci, Stefano Firpo, Marcel Fratzscher, F. Mongelli (2002)
European Integration: What Lessons for Other Regions? The Case of Latin AmericaLatin American Economics
P. Lane, G. Milesi-Ferretti (2006)
The External Wealth of Nations Mark II, 06
J. Frankel, A. Rose (1996)
The Endogeneity of the Optimum Currency Area CriteriaInternational Trade
L. Amoroso (1940)
The Transformation of Value in the Productive ProcessEconometrica, 8
Fabio Moneta, R. Rueffer (2006)
Business Cycle Synchronisation in East AsiaMacroeconomics eJournal
S. Kalemli‐Ozcan, Bent Sørensen, Oved Yosha (2003)
Economic Policy in the International Economy: Economic Integration, Industrial Specialization, and the Asymmetry of Macroeconomic Fluctuations
(2008)
Emerging Asian Regionalism: A Partnership for Shared Prosperity (Manila: Asian Development Bank)
Jong‐Wha Lee, Cyn‐Young Park (2008)
Global Financial Turmoil: Impact and Challenges for Asia's Financial SystemsAsian Economic Papers, 8
Imbs Imbs (2006)
The Real Effects of Financial IntegrationJournal of International Economics, 68
Aart Kraay, J. Ventura (2000)
Product Prices and the OECD CycleAdvances in Macroeconomics, 2
M. Kose, Kei-Mu Yi (2002)
The Trade Comovement Problem in International MacroeconomicsMacroeconomics eJournal
Kwanho Shin, Yunjong Wang (2004)
Trade integration and business cycle co-movements: the case of Korea with other Asian countriesJapan and the World Economy, 16
Jane Haltmaier, Shaghil Ahmed, B. Coulibaly, Ross Knippenberg, S. Leduc, Mario Marazzi, B. Wilson (2007)
The Role of China in Asia: Engine, Conduit, or Steamroller?Emerging Markets: Economics
J. Imbs (2003)
Trade, Finance, Specialization, and SynchronizationReview of Economics and Statistics, 86
(2007)
Decoupling the Train? Spillovers and Cycles in the Global Economy', in World Economic Outlook
Todd Clark, Eric Wincoop (1999)
Borders and Business CyclesRegulation of Financial Institutions eJournal
P. Krugman (1993)
Adjustment and growth in the European Monetary Union: Lessons of Massachusetts for EMU
(2005)
Determinants of Business Cycle Comovement: A Robust Analysis
Frankel Frankel, Rose Rose (1998)
The Endogeneity of the Optimum Currency Area CriteriaEconomic Journal, 108
(2009)
Emerging Asia: Recoupling or Decoupling?
(2008)
Global Business Cycles: Convergence or Decoupling? International Monetary Fund Working Paper No
Cyn‐Young Park, F. Zhai (2007)
Asia's imprint on global commodity marketsMinerals & Energy - Raw Materials Report, 22
F. Canova, Harris Dellas (1993)
Trade Interdependence and the International-Business CycleJournal of International Economics, 34
Gabor Pula, T. Peltonen (2009)
Has Emerging Asia Decoupled? An Analysis of Production and Trade Linkages Using the Asian International Input-Output TableERN: Production (Topic)
Soyoung Kim, S. Kim, Yunjong Wang (2005)
International capital flows and business cycles in the Asia Pacific region
(2007)
Uncoupling Asia: Myth and Reality', in Asian Development Outlook (Manila: Asian Development Bank)
Clark Clark, van Wincoop van Wincoop (2001)
Borders and Business CyclesJournal of International Economics, 55
(1993)
The Transition to Economic and Monetary Union in
J. Imbs (2004)
The Real Effects of Financial IntegrationMacroeconomics eJournal
Asia Macro Views
(1998)
Introduction to the GTAP Data Base
Jonathan Heathcote, Fabrizio Perri (2001)
Financial Globalization and Real RegionalizationInternational Corporate Finance eJournal
S. Takagi, Issei Kozuru (2010)
OUTPUT AND PRICE LINKAGES IN ASIA'S POST-CRISIS MACROECONOMIC INTERDEPENDENCEThe Singapore Economic Review, 55
C. Sims (1980)
MACROECONOMICS AND REALITYEconometrica, 48
Bo Meng, Hajime Sato, Jun-ichi Nakamura, Nobuhiro Okamoto, Hiroshi Kuwamori, S. Inomata (2006)
Interindustrial Structure in the Asia-Pacific Region: Growth and Integration, by Using 2000 AIO Table
S. Wells, L. Schou-Zibell (2008)
India's Bond Market - Developments and Challenges AheadERPN: Market Structure (Microeconomic) (Sub-Topic)
In this paper, we investigate the degree of real economic interdependence between emerging East Asian and major industrial countries to shed light on the heated debate over the ‘decoupling’ of emerging East Asia. We first document the evolution of macroeconomic interdependence for emerging East Asian economies through changing trade and financial linkages at both the regional and global levels. Then, by employing a panel vector autoregression (VAR) model, we estimate the degree of real economic interdependence before and after the 1997/98 Asian financial crisis. Empirical findings show that real economic interdependence increased significantly in the post‐crisis period, suggesting ‘recoupling’, rather than decoupling, in recent years. Output shocks from major industrial countries have a significant positive effect on emerging East Asian economies. More interestingly, the reverse is also true. Output shocks from emerging East Asia (and China) have a significant positive effect on output in major industrial countries. The result suggests that macroeconomic interdependence between emerging East Asia and industrial countries have become ‘bi‐directional’, defying the traditional notion of the ‘North–South relationship’ as one of ‘uni‐directional’ dependence.
The World Economy – Wiley
Published: Jan 1, 2011
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.