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Output And Price Linkages In Asia'S Post-Crisis Macroeconomic Interdependence

Author

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  • SHINJI TAKAGI

    (Graduate School of Economics, Osaka University, Toyonaka, Osaka 560, Japan)

  • ISSEI KOZURU

    (Kosei Securities, 2-1-10, Kitahama, Chuo-Ku, Osaka 541, Japan)

Abstract

The paper explores the nature of macroeconomic interdependence in post-crisis Asia. Empirical evidence suggests that, relative to the pre-crisis period, output and price correlations in Asia have increased and the output and price impacts of shocks originating within the region have risen. This greater interdependence, however, did not come at the expense of a weaker economic tie with the rest of the world (as clearly demonstrated in the recent global economic crisis). Asian policymakers must better manage the region's growing macroeconomic linkages through greater cooperation — both to mitigate the impact of negative policy spillovers and to foster an environment in which regional and global links can continue to deepen.

Suggested Citation

  • Shinji Takagi & Issei Kozuru, 2010. "Output And Price Linkages In Asia'S Post-Crisis Macroeconomic Interdependence," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 55(01), pages 59-81.
  • Handle: RePEc:wsi:serxxx:v:55:y:2010:i:01:n:s0217590810003614
    DOI: 10.1142/S0217590810003614
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    References listed on IDEAS

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    5. N/A, 2000. "The world economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 174(1), pages 3-3, October.
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    Cited by:

    1. Olivier Basdevant & Andrew Jonelis & Borislava Mircheva & Slavi Slavov, 2015. "The Mystery of Missing Real Spillovers in Southern Africa: Some Facts and Possible Explanations," South African Journal of Economics, Economic Society of South Africa, vol. 83(3), pages 371-389, September.

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    More about this item

    Keywords

    Asian economic integration; macroeconomic interdependence; output and price linkages in Asia; F36; F42; F50;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General

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