Macroeconomic and financial implications of multi‐dimensional interdependencies between OECD countries
| العنوان: | Macroeconomic and financial implications of multi‐dimensional interdependencies between OECD countries |
|---|---|
| المؤلفون: | Edgar Mata Flores, Deniz Sevinc |
| المصدر: | International Journal of Finance & Economics. 26:741-776 |
| بيانات النشر: | Wiley, 2020. |
| سنة النشر: | 2020 |
| مصطلحات موضوعية: | Finance, Economics and Econometrics, 050208 finance, business.industry, media_common.quotation_subject, 05 social sciences, Vulnerability, Sample (statistics), Oecd countries, Interdependence, Accounting, 0502 economics and business, Economics, 050207 economics, Volatility (finance), business, Stock (geology), International finance, Diversity (business), media_common |
| الوصف: | This paper uses a complex structure of factors of exposure to international shocks for the analysis of regional and inter‐regional effects of a variety of financial shocks across Organization for Economic Co‐operation and Development (OECD) economies. Those factors (trade, finance, migration and others) are incorporated in a coherent and comparable scheme which, based on observed data, describes pair‐wise, directionally asymmetric exposures to foreign economies in the sample. Through a global vector auto‐regressive setting, a systemic approach characterizes our modelling by the means of which several standardized shocks are simulated varying the region of origin to compare their effects and spillovers. In the depicted map of risks, the shocks are of particular relevance to both wholesale and retail credit markets, stock and commodities markets and also for the management of monetary and fiscal policies in open economies. The diversity of responses between OECD regions is useful to understand the asymmetric impacts and degrees of relative vulnerability towards disturbances in international markets. A subset of Eurozone countries, for example, consistently shows significant sensitivity to foreign shocks. Other Eurozone countries experience a lower degree of imported volatility while Asia‐Pacific appears to be more resilient to shocks in OECD regions. In turn, the significance of the impacts of shocks in the North American Free Trade Agreement region is large enough for them to be close representations of global shocks. |
| تدمد: | 1099-1158 1076-9307 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::aff74280c9338a7a1e00e4112edc0f91 https://doi.org/10.1002/ijfe.1814 |
| حقوق: | OPEN |
| رقم الأكسشن: | edsair.doi...........aff74280c9338a7a1e00e4112edc0f91 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 10991158 10769307 |
|---|