Is the world economy more integrated today than a century ago?
This paper evaluates whether economies have become more internationalized: the integration hypothesis. Unlike previous studies, the current study addresses the integration hypothesis by analyzing the impact on the U.S. of economic shocks from the rest of the world. This analysis includes data beginning in the 1870s. Most previous studies have examined only the post-World War II period. Variance decompositions derived from vector autoregressive models indicate that the U.S. economy has become more vulnerable to international events over time, suggesting that the world economy is more integrated today than a century ago. Copyright International Atlantic Economic Society 1997
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Volume (Year): 25 (1997)
Issue (Month): 2 (June)
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