 Sources of fluctuations in output: Evidence from small, open economies of AsiaRadha Bhattacharya Journal of the Asia Pacific Economy, 1997, vol. 2, issue 3, 378-387 Abstract: This paper considers a set of five Asian economies that differ in their degree of outward orientedness, and examines the role of oil price shocks, non‐oil world supply shocks, exports and domestic supply shocks in causing fluctuations in domestic output. Results from a vector autoregressive model indicate that exports and non‐oil world supply shocks are more important for the ‘outward‐oriented’ economies of Singapore, South Korea and Malaysia, when compared with the moderately ‘inward‐oriented’ economy of the Philippines and the strongly ‘inward‐oriented’ economy of India. However, exports and non‐oil world supply shocks each account for no more than a fifth of the variation in output in Singapore, South Korea and Malaysia. There is no long‐term equilibrium relationship (cointegration) between exports and output. This supports the view that exports were not the single driving force behind the economic growth of these high‐performing countries. A substantial portion of variation in domestic output is explained by domestic supply shocks. Adverse effects of oil price shocks are found in the case of the oil‐importing countries of South Korea and India. Date: 1997 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:rjapxx:v:2:y:1997:i:3:p:378-387 Ordering information: This journal article can be ordered from DOI: 10.1080/13547869708724627 Access Statistics for this article Journal of the Asia Pacific Economy is currently edited by Leong Liew More articles in Journal of the Asia Pacific Economy from Taylor & Francis Journals |
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