The Resource Spillovers across NAFTA, Andrew Swiston and Tamim Bayoumi, (electronic resource)

Spillovers across NAFTA, Andrew Swiston and Tamim Bayoumi, (electronic resource)

Label
Spillovers across NAFTA
Title
Spillovers across NAFTA
Statement of responsibility
Andrew Swiston and Tamim Bayoumi
Creator
Contributor
Subject
Language
eng
Summary
  • This paper examines linkages across North America by estimating the size of spillovers from the major regions of the world-- the United States, Euro area, Japan, and the rest of the world-- to Canada and Mexico, and decomposing the impact of these spillovers into trade, commodity price, and financial market channels. For Canada, a one percent shock to U.S. real GDP shifts Canadian real GDP by some 3/4 of a percentage point in the same direction-- with financial spillovers more important than trade in recent decades. Thus, a large proportion of the reduction in Canadian output volatility since the 1980s can be accounted for by the 'Great Moderation' in U.S. growth. Before 1996, domestic volatility in Mexico swamped the contribution of external factors to the business cycle. After 1996, the response of Mexican GDP is 1 1/2 times the size of the U.S. shock-- "when the U.S. sneezes, Mexico catches a cold". These spillovers are transmitted through both trade and financial channels
  • This paper examines linkages across North America by estimating the size of spillovers from the major regions of the world-- the United States, Euro area, Japan, and the rest of the world-- to Canada and Mexico, and decomposing the impact of these spillovers into trade, commodity price, and financial market channels. For Canada, a one percent shock to U.S. real GDP shifts Canadian real GDP by some 3/4 of a percentage point in the same direction-- with financial spillovers more important than trade in recent decades. Thus, a large proportion of the reduction in Canadian output volatility since the 1980s can be accounted for by the 'Great Moderation' in U.S. growth. Before 1996, domestic volatility in Mexico swamped the contribution of external factors to the business cycle. After 1996, the response of Mexican GDP is 1 1/2 times the size of the U.S. shock-- "when the U.S. sneezes, Mexico catches a cold". These spillovers are transmitted through both trade and financial channels
  • This paper examines linkages across North America by estimating the size of spillovers from the major regions of the world-- the United States, Euro area, Japan, and the rest of the world-- to Canada and Mexico, and decomposing the impact of these spillovers into trade, commodity price, and financial market channels. For Canada, a one percent shock to U.S. real GDP shifts Canadian real GDP by some 3/4 of a percentage point in the same direction-- with financial spillovers more important than trade in recent decades. Thus, a large proportion of the reduction in Canadian output volatility since the 1980s can be accounted for by the 'Great Moderation' in U.S. growth. Before 1996, domestic volatility in Mexico swamped the contribution of external factors to the business cycle. After 1996, the response of Mexican GDP is 1 1/2 times the size of the U.S. shock-- "when the U.S. sneezes, Mexico catches a cold". These spillovers are transmitted through both trade and financial channels
  • Annotation:
Member of
Cataloging source
CaBNVSL
http://library.link/vocab/creatorName
Swiston, Andrew
Dewey number
382/.971073
LC call number
HF1766
LC item number
.S847 2008eb
http://library.link/vocab/relatedWorkOrContributorName
  • Bayoumi, Tamim
  • International Monetary Fund
  • Canadian Electronic Library (Firm)
Series statement
IMF working paper
Series volume
no. 08/3
http://library.link/vocab/subjectName
  • Fiscal policy
  • North America
  • North America
Summary expansion
This paper examines linkages across North America by estimating the size of spillovers from the major regions of the world-the United States, euro area, Japan, and the rest of the world-to Canada and Mexico, and decomposing the impact of these spillovers into trade, commodity price, and financial market channels. for Canada, a one percent shock to U.S. real GDP shifts Canadian real GDP by some of a percentage point in the same direction- with financial spillovers more important than trade in recent decades. Thus, a large proportion of the reduction in Canadian output volatility since the 1980s can be accounted for by the Great Moderation in U.S. growth. Before 1996, domestic volatility in Mexico swamped the contribution of external factors to the business cycle. After 1996, the response of Mexican GDP is 1 times the size of the U.S. shock-when the U.S. sneezes, Mexico catches a cold. These spillovers are transmitted through both trade and financial channels
Label
Spillovers across NAFTA, Andrew Swiston and Tamim Bayoumi, (electronic resource)
Instantiates
Publication
Note
  • Cover title
  • "January 2008."
  • Issued as part of the Canadian Electronic Library, Documents collection, and Canadian public policy collection
Bibliography note
Includes bibliographical references (p. 18-19)
Control code
OCM1bookssj0000948650
Dimensions
unknown
Extent
1 electronic text (32 p.)
Governing access note
License restrictions may limit access
Other physical details
digital file.
Specific material designation
remote
System control number
(WaSeSS)ssj0000948650
System details
Mode of access: World Wide Web
Label
Spillovers across NAFTA, Andrew Swiston and Tamim Bayoumi, (electronic resource)
Publication
Note
  • Cover title
  • "January 2008."
  • Issued as part of the Canadian Electronic Library, Documents collection, and Canadian public policy collection
Bibliography note
Includes bibliographical references (p. 18-19)
Control code
OCM1bookssj0000948650
Dimensions
unknown
Extent
1 electronic text (32 p.)
Governing access note
License restrictions may limit access
Other physical details
digital file.
Specific material designation
remote
System control number
(WaSeSS)ssj0000948650
System details
Mode of access: World Wide Web

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