Global and Regional Spillovers to Pacific Island Countries:
Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region's business cycles, and spillovers from regional economies are more important for PICs than from advanced ec...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/154 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region's business cycles, and spillovers from regional economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would help in the event of a global downturn, PICs remain particularly vulnerable to global commodity price shocks. In this paper, we use a Vector Error Correction Model (VECM) for each PIC to gauge the impact of global and regional growth spillovers. The analysis reveals that the impact on PICs' growth from an adverse oil shock would be substantial, and in some cases even larger than from a negative global demand shock. We also assess the spillovers to the financial sector from the deterioration of the global outlook. PICs should continue to rebuild policy buffers and implement growth-oriented structural reforms to ensure sustained and inclusive growth |
| Beschreibung: | 1 Online-Ressource (41 p) |
| ISBN: | 1475504497 9781475504491 |
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| 520 | 3 | |a Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region's business cycles, and spillovers from regional economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would help in the event of a global downturn, PICs remain particularly vulnerable to global commodity price shocks. In this paper, we use a Vector Error Correction Model (VECM) for each PIC to gauge the impact of global and regional growth spillovers. The analysis reveals that the impact on PICs' growth from an adverse oil shock would be substantial, and in some cases even larger than from a negative global demand shock. We also assess the spillovers to the financial sector from the deterioration of the global outlook. PICs should continue to rebuild policy buffers and implement growth-oriented structural reforms to ensure sustained and inclusive growth | |
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| index_date | 2024-07-03T20:13:17Z |
| indexdate | 2024-07-10T09:35:24Z |
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| series2 | IMF Working Papers |
| spelling | Wu, Yiqun Verfasser aut Global and Regional Spillovers to Pacific Island Countries Wu, Yiqun Washington, D.C International Monetary Fund 2012 1 Online-Ressource (41 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/154 Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region's business cycles, and spillovers from regional economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would help in the event of a global downturn, PICs remain particularly vulnerable to global commodity price shocks. In this paper, we use a Vector Error Correction Model (VECM) for each PIC to gauge the impact of global and regional growth spillovers. The analysis reveals that the impact on PICs' growth from an adverse oil shock would be substantial, and in some cases even larger than from a negative global demand shock. We also assess the spillovers to the financial sector from the deterioration of the global outlook. PICs should continue to rebuild policy buffers and implement growth-oriented structural reforms to ensure sustained and inclusive growth Online-Ausg Sheridan, Niamh Sonstige oth Tumbarello, Patrizia Sonstige oth http://elibrary.imf.org/view/IMF001/12881-9781475504491/12881-9781475504491/12881-9781475504491.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Wu, Yiqun Global and Regional Spillovers to Pacific Island Countries |
| title | Global and Regional Spillovers to Pacific Island Countries |
| title_auth | Global and Regional Spillovers to Pacific Island Countries |
| title_exact_search | Global and Regional Spillovers to Pacific Island Countries |
| title_exact_search_txtP | Global and Regional Spillovers to Pacific Island Countries |
| title_full | Global and Regional Spillovers to Pacific Island Countries Wu, Yiqun |
| title_fullStr | Global and Regional Spillovers to Pacific Island Countries Wu, Yiqun |
| title_full_unstemmed | Global and Regional Spillovers to Pacific Island Countries Wu, Yiqun |
| title_short | Global and Regional Spillovers to Pacific Island Countries |
| title_sort | global and regional spillovers to pacific island countries |
| url | http://elibrary.imf.org/view/IMF001/12881-9781475504491/12881-9781475504491/12881-9781475504491.xml |
| work_keys_str_mv | AT wuyiqun globalandregionalspilloverstopacificislandcountries AT sheridanniamh globalandregionalspilloverstopacificislandcountries AT tumbarellopatrizia globalandregionalspilloverstopacificislandcountries |