The Ties that Bind Asia, Europe, and United States
Kim, Soyoung; Lee, Jong-Wha; Park, Cyn-Young | February 2010
Abstract
"We investigate changes in Asia’s regional and global trade linkages and their influence on macroeconomic relationships among Asia, Europe, and United States (US). We first document changes in trade patterns of East Asia, Europe, and US and discuss stylized facts about East Asia’s trade structure. The People’s Republic of China (PRC) plays a critical role as an assembly and production center in rapidly expanding intra-Asian trade. However, the PRC’s trade share in parts and components with Europe and the US is rising, suggesting that the region’s production chains are increasingly integrated into the global business network. Empirical results from a panel vector auto-regression (VAR) model generally confirm the positive effect of growing intra-Asian trade on both regional and global output comovements, reflecting the nature of intra-Asian trade that is heavily driven by external demand. However, macroeconomic interdependence among East Asia, Europe, and US is becoming more bidirectional, as shown by the positive effect of the East Asian aggregate output shock on both European and US outputs. The findings suggest a future role for Asia as an increasingly important trade partner and balancing power in the world economy."
Citation
Kim, Soyoung; Lee, Jong-Wha; Park, Cyn-Young. 2010. The Ties that Bind Asia, Europe, and United States. © Asian Development Bank. http://hdl.handle.net/11540/1538.ISSN
1655-5252
Keywords
Trade Facilitation
Trade
Economic integration
Regional Economic Integration
Free Trade
Trade Agreements
Trade Policy
Economic Development
Economics
International Economics
Economic planning
Economic structure
Growth policy
Trade relations
Trade policy
Trade policy
Economic development
Regional economics
Economic forecasting
Economic development projects
Success in business
Business
Free trade
Business
Economics
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Citable URI
http://hdl.handle.net/11540/1538Metadata
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