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| Titel: |
Sources of fluctuations in output: Evidence from small, open economies of Asia |
| Auteur: |
Bhattacharya, Radha |
| Verschenen in: |
Journal of the Asia Pacific economy |
| Paginering: | Jaargang 2 (1997) nr. 3 pagina's 378-387 |
| Jaar: |
1997 |
| Inhoud: |
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. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 9 van 9 gevonden artikelen
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