password
username
Sponsored by CakeMail, an email marketing software
Newsletter preview


New items about your countries of interest:

* Working Paper No. 08/2: Spillovers to Ireland

Author/Editor: Kanda, Daniel

Summary: This paper discusses Ireland's trade and financial linkages with key partner countries, and uses a vector autoregression to examine the impact of shocks to partner country GDP and shocks to Irish competitiveness on Irish GDP. Two main findings are that shocks to U.S. GDP have a larger impact on Irish GDP than shocks to the euro area or the U.K. Also, the share of the variance of Irish GDP explained by shocks to competitiveness rises with the forecast horizon, suggesting that past erosion of competitiveness may yet have a more substantial impact on economic activity.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=21497.0
[Matched: United States]

* Working Paper No. 08/3: Spillovers Across NAFTA

Author/Editor: Swiston, Andrew; Bayoumi, Tamim

Summary: This paper examines linkages across North America by estimating the size of spillovers from the major regions of the world-the United States, euro area, Japan, and the rest of the world-to Canada and Mexico, and decomposing the impact of these spillovers into trade, commodity price, and financial market channels. For Canada, a one percent shock to U.S. real GDP shifts Canadian real GDP by some ¾ of a percentage point in the same direction- with financial spillovers more important than trade in recent decades. Thus, a large proportion of the reduction in Canadian output volatility since the 1980s can be accounted for by the "Great Moderation" in U.S. growth. Before 1996, domestic volatility in Mexico swamped the contribution of external factors to the business cycle. After 1996, the response of Mexican GDP is 1½ times the size of the U.S. shock-"when the U.S. sneezes, Mexico catches a cold". These spillovers are transmitted through both trade and financial channels.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=21535.0
[Matched: United States]



***************************************************************
TAKE A LOOK: For tracking globalization and its impact on individual economies, please see the new IMF Survey magazine online at http://www.imf.org/external/pubs/ft/survey/so/home.aspx News, views, and analysis from the IMF.

Modify your subscription at: https://www.imf.org/external/cntpst/signinmodify.aspx

Questions or comments about this email? Don't reply to the sender of this message. Instead, send a message to webmaster@imf.org.