Global Crises: A Network Perspective on the Economic Integration
AbstractThis paper borrows from network analysis to study the impact of trade and financial integrations on output drop during the 2008-2009 crisis. Using network analysis, I show that international trade and financial linkages have different effects on economic activity. Relationships involving the trade of goods appear to explain the severity of the crisis to some extent, whereas financial relationships do not. This finding suggests that real shocks that occur through the trade channel cannot be easily and quickly absorbed by connected economies, while financial shocks can be absorbed more easily among partners. The global shift from complex products to safer assets in the wake of the subprime crisis supports this view.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 26 (2011)
Issue (Month): ()
Contagion; Global Crises; Network Analysis;
Find related papers by JEL classification:
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- F10 - International Economics - - Trade - - - General
- F30 - International Economics - - International Finance - - - General
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
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