OUTPUT AND PRICE LINKAGES IN ASIA'S POST-CRISIS MACROECONOMIC INTERDEPENDENCE

Shinji Takagi and Issei Kozuru ()
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Issei Kozuru: Kosei Securities, 2-1-10, Kitahama, Chuo-Ku, Osaka 541, Japan

The Singapore Economic Review (SER), 2010, vol. 55, issue 01, 59-81

Abstract: The paper explores the nature of macroeconomic interdependence in post-crisis Asia. Empirical evidence suggests that, relative to the pre-crisis period, output and price correlations in Asia have increased and the output and price impacts of shocks originating within the region have risen. This greater interdependence, however, did not come at the expense of a weaker economic tie with the rest of the world (as clearly demonstrated in the recent global economic crisis). Asian policymakers must better manage the region's growing macroeconomic linkages through greater cooperation — both to mitigate the impact of negative policy spillovers and to foster an environment in which regional and global links can continue to deepen.

Keywords: Asian economic integration; macroeconomic interdependence; output and price linkages in Asia; F36; F42; F50 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:wsi:serxxx:v:55:y:2010:i:01:n:s0217590810003614

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DOI: 10.1142/S0217590810003614

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