TY  - BOOK
AU  - Sun,Yan
AU  - Heinz,Frigyes F.
AU  - Ho,Giang
AU  - Sun,Yan
TI  - Cross-Country Linkages in Europe: A Global VAR Analysis 
T2  - IMF Working Papers; Working Paper
SN  - 1484345479 :
SN  - 1018-5941
PY  - 2013///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Emerging Europe
KW  - imf
KW  - Forecasting and Simulation
KW  - GDP Growth
KW  - Global Var
KW  - Growth Rate
KW  - Inflation
KW  - Hungary
KW  - Romania
KW  - Slovak Republic
KW  - Slovenia
KW  - Turkey
N2  - This paper uses the Global VAR (GVAR) model proposed by Pesaran et al. (2004) to study cross-country linkages among euro area countries, other advanced European countries (including the Nordics, the UK, etc.), and the Central, Eastern and Southeastern European (CESEE) countries. An innovative feature of the paper is the use of combined trade and financial weights (based on BIS reporting banks' external position data) to capture the very close trade and financial ties of the CESEE countries with the advanced Europe countries. The results show strong co-movements in output growth and interest rates but weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of economic influences, there are also interesting subregional linkages, e.g. between the Nordic and the Baltic countries, and a small but notable impact of CESEE countries on the rest of the Europe
UR  - http://elibrary.imf.org/view/IMF001/20804-9781484345474/20804-9781484345474/20804-9781484345474.xml
UR  - http://www.imfbookstore.org/IMFORG/9781484345474
ER  -