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The Impact of U.S. Economic Growth on the Rest of the World: How Much Does It Matter?

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Author Info

  • Arora, Vivek

    ()
    (International Monetary Fund)

  • Vamvakidis, Athanasios

    ()
    (International Monetary Fund)

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    Abstract

    This paper attempts to quantify the extent to which U.S. growth is an “engine” of the world economy. Results based on fixed-effects estimation using panel data suggest a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, in recent decades. The impact is as large as one-for-one in some specifications. The results are robust to alternative specifications and to the alternative claim that world growth in recent decades has been driven predominantly by common global shocks.

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    Bibliographic Info

    Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

    Volume (Year): 21 (2006)
    Issue (Month): ()
    Pages: 21-39

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    Handle: RePEc:ris:integr:0344

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    Web page: http://econo.sejong.ac.kr/
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    Related research

    Keywords: Economic growth; Economic integration;

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    Cited by:
    1. Richard Cebula & Franklin Mixon, 2012. "The Impact of Fiscal and Other Economic Freedoms on Economic Growth: An Empirical Analysis," International Advances in Economic Research, Springer, vol. 18(2), pages 139-149, May.
    2. Cebula, Richard & Clark, J.R. & Mixon, Franklin, 2012. "The Impact of Economic Freedom on Per Capita Real GDP: A Study of OECD Nation," MPRA Paper 49220, University Library of Munich, Germany, revised 10 Feb 2013.
    3. Richard Cebula & J. Clark, 2012. "Lessons from the experience of OECD nations on macroeconomic growth and economic freedom, 2004–2008," International Review of Economics, Springer, vol. 59(3), pages 231-243, September.
    4. AkIn, Cigdem & Kose, M. Ayhan, 2008. "Changing nature of North-South linkages: Stylized facts and explanations," Journal of Asian Economics, Elsevier, vol. 19(1), pages 1-28, February.
    5. Peter Spencer & Zhuoshi Liu, . "An Open-Economy Macro-Finance Model of Internatinal Interdependence: The OECD, US and the UK," Discussion Papers 09/16, Department of Economics, University of York.

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