Macro-Financial Linkages in East Asia in Global Perspectives

Masahiro Enya, Akira Kohsaka (), Takashi Matsuki (), Jun-ichi Shinkai () and Kimiko Sugimoto ()
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Akira Kohsaka: Osaka School of International Public Policy, The University of Osaka
Takashi Matsuki: Ryukoku University, Faculty of Economics
Jun-ichi Shinkai: Kindai University, Faculty of Business Administration
Kimiko Sugimoto: Hirao School of Management, Konan University

Chapter Chapter 5 in Challenges of Global Economic and Social Transformations, 2026, pp 71-94 from Springer

Abstract: Abstract This chapter examines global macro-financial linkages in East Asia and other emerging market economies (EMEs) from 1994 to 2019, comparing them with advanced economies. It explores how financial and economic globalization has increased susceptibility to global shocks, with varying strengths of macro-financial linkages across economies. The study finds that while global factors significantly affect GDP growth in both East Asia and the G7, their contribution is lower in East Asia. The impact of global financial factors was higher before the 2008 Global Financial Crisis (GFC) but decreased afterward, especially in East Asia. Regional differences are also noted, with European and Latin American EMEs showing stronger linkages to global factors in the post-crisis decade, likely due to closer integration with advanced economies, whereas East Asia’s regional production networks provided some buffer.

Keywords: Macro-financial linkage; Global factor; Spillover; Emerging Market Economy; East Asia; Emerging Europe (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-06022-8_5

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DOI: 10.1007/978-3-032-06022-8_5

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