The relative importance of aggregate and disaggregate shocks in Korean business cycles
AbstractThis study examines the role of aggregate and disaggregate shocks in a small open economy, Korea. Variation in the growth rates of industrial output is decomposed into portions attributable to aggregate, industry group, and sector-specific shocks. Although all types of shocks play a role, sectoral shocks are the dominant source of sectoral output fluctuations. While aggregate shocks are a significant source of sectoral and aggregate output fluctuations, they are no more important than in large industrialized economies that have been studied previously. Consequently, small open economies may not be any more susceptible to aggregate disturbances than are the G-7 countries.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Asian Economics.
Volume (Year): 14 (2003)
Issue (Month): 3 (June)
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Web page: http://www.elsevier.com/locate/asieco
Other versions of this item:
- Kang, Gi Choon & Orazem, Peter, 2003. "The Relative Importance of Aggregate and Disaggregate Shocks in Korean Business Cycles," Staff General Research Papers 10351, Iowa State University, Department of Economics.
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