International Trade Over 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 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.
Kur An
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Author :
language : en
Publisher:
Release Date : 2005*
Kur An written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005* with Qurʼan categories.
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.
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.
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.
Understanding The Implications Of Trade And Financial Market Integration For Business Cycles
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Author : Mario J. Crucini
language : en
Publisher: World Scientific Publishing Company
Release Date : 2020
Understanding The Implications Of Trade And Financial Market Integration For Business Cycles written by Mario J. Crucini and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Business cycles categories.
This volume is a collection of the author's scholarly work spanning a quarter century of inquiry into the causes of international business cycles. It starts with an introduction to international business cycle research. Part I reviews salient business cycle facts relating to quantities, prices and the driving forces of business cycles. Part II focuses on the role of risk-sharing and asset market structure in shaping business cycles and welfare. Part III deals with relative prices and the terms of trade stressing retail distribution, information frictions, and the need to tie commodity-specific shocks to particular nations or world regions. Part IV is a collection of work focusing on the inefficiencies brought about by the Hawley-Smoot tariffs and foreign retaliation. Further, because the tariffs were often specific (nominal amounts per physical quantity imported), they interacted with monetary policy in a way that exacerbated the Great Depression. The book provides the reader with an overview of key developments in international business cycle research that build upon the pioneering work of Nobel Laureates Finn Kydland and Edward Prescott, who built the first dynamic stochastic general equilibrium model of the closed economy, patterned along the lines of the US economy. As globalization has extended the span of international economic relationships, these modeling approaches have become essential for understanding business cycles today. These models and empirical methods are particularly relevant to our understanding of how domestic innovation, productivity change or policy action (fiscal, monetary and trade-related) feeds back across economies.
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.
Trade Integration And Business Cycle Synchronization
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Author : Mr.Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2014-04-03
Trade Integration And Business Cycle Synchronization written by Mr.Romain A Duval 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 2014-04-03 with Business & Economics categories.
This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new value-added trade data for 63 advanced and emerging economies during 1995–2012. In a panel framework, we identify a strong positive impact of trade intensity on BCS—conditional on various controls, global common shocks and country-pair heterogeneity—that is absent when gross trade data are used. That effect is bigger in crisis times, pointing to trade as an important crisis propagation mechanism. Bilateral intra-industry trade and trade specialization correlation also appear to increase co-movement, indicating that not only the intensity but also the type of trade matters. Finally, we show that dependence on Chinese final demand in value-added terms amplifies the international spillovers and synchronizing impact of growth shocks in China.
Economic Cycles
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Author : Solomos Solomou
language : en
Publisher: Manchester University Press
Release Date : 1998
Economic Cycles written by Solomos Solomou and has been published by Manchester University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business cycles categories.
The ups and downs of booms and slumps, often referred to as business cycles, are features of all modern economies. This book considers business cycles over three epochs 1870-1913, 1919-1938 and the post-World War II period. It provides an analysis of the key macroeconomic questions relating to economic fluctuations. Why are the ups and down more volatile in some epochs than others? Why are some business cycle shocks more persistent in their effects? Is there an international business cycle? Can present business cycle features predict future patterns? What impact will institutional changes, such as EMU have on future fluctuations?
