International Dependency and Economic Fluctuations in East Asian NIEs
AbstractThis paper investigates the sources of economic fluctuations in the four Asian newly industrialized economies (NIEs), namely Hong Kong, Republic of Korea, Singapore and Taiwan. As small open economies, their macro-economic development is highly dependent on technology as well as markets of large countries. Using the common trends model, we examine the impacts of external supply shock, internal supply shock and trade shock on the key national macro-economic variables of these four economies, i.e. output, consumption, investment, export and import. Our empirical evidence suggests that supply-side disturbances, both the country-specific supply shocks and international supply shocks explain the bulk of fluctuations in output.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Global Economic Review.
Volume (Year): 37 (2008)
Issue (Month): 4 ()
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- Hsieh, Wen-jen, 2011. "The Global Economic Recession and Industrial Structure: Evidence from Four Asian Dragons," ADBI Working Papers 315, Asian Development Bank Institute.
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