International Dependency and Economic Fluctuations in East Asian NIEs

Bihong Huang

Global Economic Review, 2008, vol. 37, issue 4, 497-506

Abstract: This paper investigates the sources of economic fluctuations in the four Asian newly industrialized economies (NIEs), namely Hong Kong, Republic of Korea, Singapore and Taiwan. As small open economies, their macro-economic development is highly dependent on technology as well as markets of large countries. Using the common trends model, we examine the impacts of external supply shock, internal supply shock and trade shock on the key national macro-economic variables of these four economies, i.e. output, consumption, investment, export and import. Our empirical evidence suggests that supply-side disturbances, both the country-specific supply shocks and international supply shocks explain the bulk of fluctuations in output.

Keywords: Common trends model; East Asian NIEs; economic fluctuations; international dependency (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1080/12265080802481017

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