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Macroeconomic news, the financial cycle and the commodity cycle: The Chinese footprint

Flavia Corneli, Fabrizio Ferriani and Andrea Giovanni Gazzani

Economics Letters, 2023, vol. 231, issue C

Abstract: China has become a major player in the global economy. The analysis, based on a new and original database of Chinese macroeconomic surprises, shows the significant impact that these surprises have on equity markets worldwide, as well as on commodity prices, on the US nominal effective exchange rate and on the VIX Index. We also establish that positive Chinese macroeconomic news is associated with the expansion of global trade and industrial production. Overall, we provide evidence of the growing role of the Chinese economy as a driving force for both the real and the financial global cycle.

Keywords: Global financial cycle; China; Macroeconomic announcements; International spillovers; Commodity prices (search for similar items in EconPapers)
JEL-codes: E44 F21 F40 G15 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:231:y:2023:i:c:s016517652300294x

DOI: 10.1016/j.econlet.2023.111269

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