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International Dependency and Economic Fluctuations in East Asian NIEs

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  • Bihong Huang

Abstract

This paper investigates the sources of economic fluctuations in the four Asian newly industrialized economies (NIEs), namely Hong Kong, Republic of Korea, Singapore and Taiwan. As small open economies, their macro-economic development is highly dependent on technology as well as markets of large countries. Using the common trends model, we examine the impacts of external supply shock, internal supply shock and trade shock on the key national macro-economic variables of these four economies, i.e. output, consumption, investment, export and import. Our empirical evidence suggests that supply-side disturbances, both the country-specific supply shocks and international supply shocks explain the bulk of fluctuations in output.

Suggested Citation

  • Bihong Huang, 2008. "International Dependency and Economic Fluctuations in East Asian NIEs," Global Economic Review, Taylor & Francis Journals, vol. 37(4), pages 497-506.
    • Handle: RePEc:taf:glecrv:v:37:y:2008:i:4:p:497-506
    DOI: 10.1080/12265080802481017
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    References listed on IDEAS

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    1. Kwark, Noh-Sun, 1999. "Sources of international business fluctuations: Country-specific shocks or worldwide shocks?," Journal of International Economics, Elsevier, vol. 48(2), pages 367-385, August.
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    Cited by:

    1. Hsieh, Wen-jen, 2011. "The Global Economic Recession and Industrial Structure: Evidence from Four Asian Dragons," ADBI Working Papers 315, Asian Development Bank Institute.

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