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INTERNATIONAL MACROECONOMIC ACTIVITY AND ITS INTERACTION: EVIDENCE FROM US, JAPAN, GERMANY, CHINA, INDIA AND RUSSIA

机译:国际宏观经济活动及其互动:证据来自美国、日本、德国、中国、印度和俄罗斯

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abstract_textpUsing the Diebold and Yilmaz (2012) spillover method, this study attempts to evaluate the strength and direction of cross-country interactions of macroeconomic activity across US, Japan, Germany, China, India and Russia. Apart from a base model, it frames two alter- native models; one is based on principal component analysis (PCA) incorporating important macroeconomic variables from each country and another model is based on industrial production index; both evaluate the robustness of our empirical findings. It finds that 62% of variations in growth rates of all six countries are due to their mutual inter-dependence among them and it also reflects that the emerging economies like China and Russia take the lead in influencing foreign economic activities. It suggests that the concrete policy action is required to diversify the international market interdependency of a domestic economy as it may jeopardise the macroeconomic stability when uncertainty is generated in foreign economies. The empirical analysis is found to be robust./p/abstract_text
机译:& abstract_text & p使用Diebold和Yilmaz(2012)溢出的方法,本研究试图评估强度和方向宏观经济的跨国互动活动在美国、日本、德国、中国、印度和俄罗斯。两个改变——本地模型;主成分分析(PCA)合并从每一个重要的宏观经济变量国家和另一个模型是基于工业生产指数;我们的实证结果。所有六个国家的增长率的变化由于他们之间的相互依存度吗这也反映出新兴像中国这样的经济体和俄罗斯带头影响对外经济活动。表明具体的政策行动需要多元化国际市场国内经济互相依赖的可能当危及宏观经济稳定不确定性是外国经济体中产生。实证分析发现健壮的灵活;/ p & / abstract_text

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