What drives business cycles and international trade in emerging market economies?
AbstractThis paper investigates the role of domestic and external factors in explaining business cycle and international trade developments in fifteen emerging market economies. Results from signrestricted VARs show that developments in real output, inflation, real exchange rates and international trade variables are dominated by domestic shocks. External shocks on average explain a fraction of no more than 10% of the variation in the endogenous variables considered. Moreover, real imports fail to display a cross-regional pattern, while technology shocks appear to be the disturbances playing a somewhat more important role in explaining consumer prices developments. Consumer prices and – depending on the disturbance considered – real imports are the variables showing larger impulse responses to unit shocks. JEL Classification: C32, E32, F41
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Bibliographic InfoPaper provided by European Central Bank in its series Working Paper Series with number 0730.
Date of creation: Feb 2007
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Find related papers by JEL classification:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-03-31 (All new papers)
- NEP-CBA-2007-03-31 (Central Banking)
- NEP-INT-2007-03-31 (International Trade)
- NEP-MAC-2007-03-31 (Macroeconomics)
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- Nikolay Hristov & Oliver Hülsewig & Timo Wollmershäuser, 2011.
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