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The Impact of U.S. Economic Growth on the Rest of the World: How Much Does It Matter?

Author

Listed:
  • Arora, Vivek

    (International Monetary Fund)

  • Vamvakidis, Athanasios

    (International Monetary Fund)

Abstract

This paper attempts to quantify the extent to which U.S. growth is an “engine” of the world economy. Results based on fixed-effects estimation using panel data suggest a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, in recent decades. The impact is as large as one-for-one in some specifications. The results are robust to alternative specifications and to the alternative claim that world growth in recent decades has been driven predominantly by common global shocks.

Suggested Citation

  • Arora, Vivek & Vamvakidis, Athanasios, 2006. "The Impact of U.S. Economic Growth on the Rest of the World: How Much Does It Matter?," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 21, pages 21-39.
    • Handle: RePEc:ris:integr:0344
    as

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    More about this item

    Keywords

    Economic growth; Economic integration;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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