Macroeconomic Impacts of the US External Imbalances with Two Large Emerging Asian Economies: Japan (1970–1990) versus China (2000–2018)

2021 ◽  
Author(s):  
Ying Wu ◽  
Xin Deng
Keyword(s):  
External Imbalances ◽  
The Us ◽  
Asian Economies ◽  
Macroeconomic Impacts

Measuring Dependence Between the USA and the Asian Economies: A Time-varying Copula Approach

2019 ◽  
Vol 20 (4) ◽  
pp. 962-980 ◽  
Author(s):  
Shegorika Rajwani ◽  
Dilip Kumar
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Financial Markets ◽  
Stock Markets ◽  
Global Financial Crisis ◽  
Tail Dependence ◽  
Time Varying ◽  
The Us ◽  
Asian Economies ◽  
Copula Approach

During the past few years, many of the financial markets have gone through devastating effects due to the crisis in one or the other economy of the world. The recent global financial crisis has triggered dramatic movements in various stock markets which may arise from interdependence or contagion between the markets. This article attempts to measure the contagion between the equity markets of Asia and the US stock market. The countries considered in the Asian group are China, India, Indonesia, South Korea, Taiwan, Hong Kong, Malaysia and Japan. Most of the Asian economies have experienced drastic higher volatility and uncertainty in the financial markets. If the markets are contagious, then the investors will be unable to reap benefits through international diversification of the portfolio. In such a case, the policymakers will further frame policies so that they can insulate themselves from inflicting heavy damage from various crises. To achieve our goal, we make use of the time-varying copula approach which helps us to study the joint behaviour of the series based on their marginal distribution. Time-varying copula approach can also capture the non-linear dependence in the series and exhibits a rich pattern of tail behaviour. Our findings support the contagion between the Asian stock markets and the US stock market during the global financial crisis. This article also highlights that the increased tail dependence is an important factor for the contagion between the Asian stock markets and the US market.

Macroeconomic impacts of oil price shocks in Asian economies

Energy Policy ◽  
2015 ◽  
Vol 86 ◽  
pp. 867-879 ◽  
Author(s):  
Juncal Cunado ◽  
Soojin Jo ◽  
Fernando Perez de Gracia
Keyword(s):  
Oil Price ◽  
Oil Price Shocks ◽  
Price Shocks ◽  
Asian Economies ◽  
Macroeconomic Impacts

scholarly journals For Japan, Better Late than Never

2009 ◽  
Vol 3 (1) ◽  
Author(s):  
William Gerding ◽  
Zach Montague
Keyword(s):  
Democratic Party ◽  
Liberal Democratic Party ◽  
General Election ◽  
Liberal Democratic ◽  
The Us ◽  
Asian Economies

The Japanese general election on August 30, 2009 ousted the Liberal Democratic Party (LDP), which had governed almost uninterrupted for 54 years. In its place rose the Democratic Party of Japan (DPJ) and its leading man Yukio Hatoyama. What follows is a brief profile of the DPJ’s main economic challenges and policies, succeeded by the chief points of contention in the DPJ’s interpretation of Japan’s alliance with the US, the invariable focus of which is military. Now, Japan finds itself at a crucial junction to reassert itself as a regional leader in Asia, whether military or civilian, and it can only do this gracefully by maintaining a relatively undisturbed rapport with the US in economic and military matters. Japan also needs to increase its presence in the Asian economies and, possibly, Asian military affairs, a policy that the US would condone.

scholarly journals THE COMPETITIVENESS OF INDONESIA'S EXPORT TO UNITED STATES, 1986-2003: A SHIFT-SHARE ANALYSIS

2007 ◽  
Vol 8 (1) ◽  
pp. 36
Author(s):  
Ahmad Helmy Fuady
Keyword(s):  
United States ◽  
Economic Crisis ◽  
The United States ◽  
The Other ◽  
Republic Of Korea ◽  
Single Digit ◽  
The Us ◽  
Asian Economies ◽  
Changes Over Time ◽  
Over Time

The objective of this paper is to examine the competitiveness of Indonesia's exports to the United States (US) market, compared to other Asian economies, namely Thailand, Malaysia, Singapore, China, Republic of Korea and India, over the period of 1986-2003. A shift-share method is applied to single digit SITC US imports data from those countries. It found that the competitiveness of Indonesia's exports changes over time. The Indonesia's exports reached its best performance in the period 1992-1997. However, after the 1997 economic crisis, Indonesia faces a serious problem, since none of its export has competitiveness in the US market, compared to the reference economy. The analysis also shows that China has consistently posed a serious pressure not only for Indonesia, but also for the other Asian economies.

Shaping the Future of the IMS: Regionalization of Selected Asian Currencies

2015 ◽  
Vol 01 (03) ◽  
pp. 347-372
Author(s):  
Il Houng Lee
Keyword(s):  
International Monetary System ◽  
Policy Coordination ◽  
Monetary System ◽  
Tier System ◽  
The Us ◽  
Asian Economies ◽  
Market Framework ◽  
Us Dollar ◽  
Second Tier ◽  
Recent Financial Crisis

The dominance of the US Dollar (USD) as the main global reserve currency will continue for the foreseeable future. Yet various events, including the most recent financial crisis, have pointed to the need for an alternative system that will strengthen market discipline rather than a system relying excessively on policy coordination. The rise of Asian economies led by China provides a unique opportunity for a regionalization of selected Asian currencies, namely, the settling of current account transactions among Asian economies using selected local currencies. To do so, relevant governments should be more proactive in setting up a market framework by following similar steps taken by China for RMB internationalization. This will provide an opportunity for the market to determine how fast it wants to shape an alternative international monetary system. Most likely, a tri-polar and two-tier system will emerge. As the medium of exchange and unit of account, the first tier, the USD, the Euro, and the RMB will dominate, forming a tri-polar system along each of which various local currencies will be used specific to the locality. As the store of value, the second tier, the USD will retain its hegemony for a few more decades. Gradually, these two tiers will merge.

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