International Trade And The Business Cycle
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International Trade And Business Cycles
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Author : Marianne Baxter
language : en
Publisher:
Release Date : 1995
International Trade And Business Cycles written by Marianne Baxter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business cycles categories.
Virtually all economies experience recurrent fluctuations in economic activity that persist for periods of several quarters to several years. Further, there is a definite tendency for the business cycles of developed countries to move together--there is a world component to business cycles. This paper argues that capital accumulation and international capital flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the current account are shown to be dominated by trade in capital goods. The paper develops a two country model of international trade within which capital accumulation and international investment flows play a central role. We explore the channels by which technology shocks and fiscal shocks are transmitted to the domestic and foreign economies, and discuss the extent to which these results are sensitive to individuals' opportunities for international trade in financial assets. Overall, we find that the models capture many of the salient features of international business cycles. However, it has proven consistently difficult to generate sufficient comovement across countries in labor input and investment. The paper concludes with a discussion of fruitful directions for future research.
International Trade And The Business Cycle
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Author : Mr.Eswar Prasad
language : en
Publisher: International Monetary Fund
Release Date : 1999-04-01
International Trade And The Business Cycle written by Mr.Eswar Prasad and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-04-01 with Business & Economics categories.
This paper develops a new empirical framework for analyzing the dynamics of the trade balance in response to different types of macroeconomic shocks. The model provides a synthetic perspective on the conditional correlations between the business cycle and the trade balance that are generated by different shocks and attempts to reconcile these results with unconditional correlations found in the data. The results suggest that, in the post-Bretton Woods period, nominal shocks have been an important determinant of the forecast error variance for fluctuations in the trade balances of the Group of Seven countries.
Dollar Invoicing Global Value Chains And The Business Cycle Dynamics Of International Trade
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Author : Mr. David Cook
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-11
Dollar Invoicing Global Value Chains And The Business Cycle Dynamics Of International Trade written by Mr. David Cook and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-11 with Business & Economics categories.
Recent literature has highlighted that international trade is mostly priced in a few key vehicle currencies and is increasingly dominated by intermediate goods and global value chains (GVCs). Taking these features into account, this paper reexamines the relationship between monetary policy, exchange rates and international trade flows. Using a dynamic stochastic general equilibrium (DSGE) framework, it finds key differences between the response of final goods and GVC trade to both domestic and foreign shocks depending on the origin and ultimate destination of value added and the intermediate shipments involved. For example, the model shows that in response to a dollar appreciation triggered by a US interest rate increase, direct bilateral trade between non-US countries contracts more than global value chain oriented trade which feeds US final demand, and exports to the US decline much more when measured in gross as opposed to value added terms. We use granular data on GVCs at the sector level to document empirical evidence in favor of these key predictions of the model.
International Trade And The Business Cycle
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Author : Eswar S. Prasad
language : en
Publisher:
Release Date : 2001
International Trade And The Business Cycle written by Eswar S. Prasad and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
This paper develops a new empirical framework for analyzing the dynamics of the trade balance in response to different types of macroeconomic shocks. The model provides a synthetic perspective on the conditional correlations between the business cycle and the trade balance that are generated by different shocks and attempts to reconcile these results with unconditional correlations found in the data. The results suggest that, in the post-Bretton Woods period, nominal shocks have been an important determinant of the forecast error variance for fluctuations in the trade balance in G-7 countries.
The Economics Of International Trade
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Author : David Rich
language : en
Publisher: Praeger
Release Date : 1992-04-30
The Economics Of International Trade written by David Rich and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-04-30 with Business & Economics categories.
This work presents a new theory and approach to the rapidly changing economics of international trade, which challenges the prevailing neo-Keynesian point of view. From a theoretical perspective, the author examines the arguments of classical and neoclassical economists to develop the concept of dynamic disequilibrium with respect to the business cycle and its influence on a country's international trade position. Additionally, this concept is applied to multinational corporations and customs unions such as the European Community in their practical trade relationships. Beginning with an examination of the general contemporary problem of trade in an uncertain world, Rich moves on to review theories of international trade--the welfare utility function, the international utility function--and their applicability to our changing economic world. Particular attention is given to the rise of the European Economic Community and the role of multinational corporations in contemporary international trade.
Business Cycle Synchronization And Regional Integration
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Author : Norbert Fiess
language : en
Publisher: World Bank Publications
Release Date : 2005
Business Cycle Synchronization And Regional Integration written by Norbert Fiess and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business Cycle categories.
Abstract: In early January 2003, the United States and Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua launched official negotiations for the Central American Free Trade Agreement (CAFTA), a treaty that would expand NAFTA-style trade barrier reductions to Central America. With deeper trade integration between Central America and the United States, it is expected that there will be closer links in business cycles between Central American countries and the United States. The paper finds a relatively low degree of business cycle synchronization within Central America as well as between Central America and the United States. The business cycle synchronization is expected to increase only modestly with further trade expansion, making the coordination of macroeconomic policies within CAFTA somewhat less of a priority.
The Product Life Cycle And International Trade
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Author : Louis T. Wells
language : en
Publisher: Division of Research Graduate School of Business Administrat
Release Date : 1972
The Product Life Cycle And International Trade written by Louis T. Wells and has been published by Division of Research Graduate School of Business Administrat this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with Business & Economics categories.
Monographic compilation of economic research articles relating to trade and the industrial product life cycle - includes studies relating to specific industries and countries and the export market. Graphs, references and statistical tables.
Trade Linkages And International Business Cycle Comovement Evidence From Korean Industry Data
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Author : Dongyeol Lee
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-24
Trade Linkages And International Business Cycle Comovement Evidence From Korean Industry Data written by Dongyeol Lee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-24 with Business & Economics categories.
Through the 2000s, Korea’s export and import linkages to advanced and emerging markets increased significantly. At the same time, the correlation of output growth between Korea and these economies rose. This paper investigates the nature of the link between trade linkages and the comovement of international business cycles (BC) using Korean industry-level domestic and international input-output data. The results suggest that, at the industry-level, higher export linkages lead to a larger positive GDP growth comovement, while higher import linkages lead to higher negative employment growth comovement. Furthermore, the decomposition of aggregate BC comovement shows that the increase in trade with China has contributed the most to aggregate BC comovement, while the impact of trade linkages on BC comovement is propagated domestically via vertical linkages. These findings suggest that the Korean economy can be significantly affected by a few countries that are highly linked through trade to Korea and/or a few industries that are highly interconnected to other industries.
Trade Finance Specialization And Synchronization
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Author : Mr.Jean Imbs
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01
Trade Finance Specialization And Synchronization written by Mr.Jean Imbs and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-01 with Business & Economics categories.
The paper investigates the determinants of business cycles synchronization across regions. It uses both international and intranational data to evaluate the linkages between trade in goods, trade in financial assets, specialization and business cycles synchronization using a system of simultaneous equations. The results are as follows: (i) Simultaneity is important, as both trade and financial openness have a direct and an indirect effect on cycle synchronization. (ii) A variety of alternative measures of financial integration suggest that regions with strong financial links are significantly more synchronized, though they are also more specialized. (iii) Specialization patterns have a sizable effect on business cycles, beyond their reflection of intra-industry trade, and of openness to goods and assets trade. (iv) The estimated role of trade is in line with existing models once intra-industry trade is controlled for. The results relate to a recent strand of international business cycle models with incomplete markets and transport costs, and, on the empirical side, point to an important omission in the usual criteria defining an optimal currency area, namely specialization patterns.
International Trade Over The Business Cycle
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Author : Christian Zimmermann
language : en
Publisher:
Release Date : 2000
International Trade Over The Business Cycle written by Christian Zimmermann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.