A Few White Papers
you are currently viewing::IMF-Walkways, Not WallsDecember 31, 2024 -Macroeconomics, by definition, focuses on the big picture. It neglects smaller micro developments at the business or sectoral level. In 2007, Edward Leamer, an economics professor at the University of California, Los Angeles, pointed out the high costs of this neglect by arguing that it's meaningless to try to understand business cycles without paying attention to the housing sector. As he argued in a now-famous paper titled "Housing IS the Business Cycle," the housing market is central to understanding why economies go through booms and busts. He pointed out that nearly all recessions in the United States since World War II were preceded by problems in the housing sector. Macroeconomics would, in other words, be better served by building walkways to housing economics rather than simply walling it off. Source: imf.org |
Spillovers from Large Emerging Economies: How Dominant Is China?
January 24, 2016--Summary
This paper investigates the global economic spillovers emanating from G20 emerging markets (G20-EMs), with a particular emphasis on the comparative influence of China. Employing a Bayesian Global Vector Autoregression (GVAR) model, we assess the impacts of both demand-side and supply-side shocks across 63 countries, capturing the nuanced dynamics of global economic interactions. Our findings reveal that China's contribution to global economic spillovers significantly overshadows that of other G20-EMs.