The Propagation of the US Financial Crisis to a Small Open Economy: Evidence from Korea

Title
The Propagation of the US Financial Crisis to a Small Open Economy: Evidence from Korea
Author(s)
이준희앤드류테일러
Keywords
US financial crisis; international propagation; block-recursive VAR; small open economy; business cycle
Issue Date
201404
Publisher
한국경제연구학회
Citation
Korea and the World Economy, v.15, no.1, pp.87 - 96
Abstract
The recent 2008/2009 global financial crisis originating from the US seems to have generated recessions worldwide. This paper examines the international propagation of the US financial crisis to a small open economy, Korea, based on a block-recursive vector autoregression model. The results indicate that the US financial shock (crisis) has a contractionary effect on the Korean economy and has considerable influence on the Korean economy in terms of both variance and historical decomposition over the recent financial crisis period. This implies that the model of a realistic international business cycle needs to incorporate the financial transmission mechanism as well as the real one.
URI
http://hdl.handle.net/YU.REPOSITORY/32390
ISSN
1598-2750
Appears in Collections:
상경대학 > 국제통상학부 > Articles
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