Intra-regional spillovers in South America : is Brazil systemic after all? / prepared by Gustavo Adler and Sebastián Sosa.

Shocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of Brazil's influence on its neighboring economies, documenting trade linkages over the last two d...

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Bibliographic Details
Main Authors: Adler, Gustavo, 1974- (Author), Sosa, Sebastian (Author)
Format: eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, ©2012.
Series:IMF working paper ; WP/12/145.
Subjects:
Online Access:Click for online access

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100 1 |a Adler, Gustavo,  |d 1974-  |e author.  |1 https://id.oclc.org/worldcat/entity/E39PCjyjTQKmh6VMbJGh8Ftp6C 
245 1 0 |a Intra-regional spillovers in South America :  |b is Brazil systemic after all? /  |c prepared by Gustavo Adler and Sebastián Sosa. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c ©2012. 
300 |a 1 online resource (22 pages) :  |b color illustrations 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
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490 1 |a IMF working paper ;  |v WP/12/145 
500 |a Title from PDF title page (IMF Web site, viewed June 8, 2012). 
520 3 |a Shocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of Brazil's influence on its neighboring economies, documenting trade linkages over the last two decades and quantifying spillover effects in a Vector Auto Regression setting. While trade linkages with Brazil are significant for the Southern Cone countries (Argentina, Bolivia, Chile, Paraguay, and Uruguay), they are very weak for others. Consistent with this evidence, econometric results show that, while the Southern Cone economies (especially Mercosur's members) are vulnerable to output shocks from Brazil, the rest of South America is not. Spillovers can take two different forms: the transmission of Brazil-specific shocks and the amplification of global shocks--through their impact on Brazil's output. Finally, we also find suggestive evidence that depreciations of Brazil's currency may not have significant impact on output of its key trading partners. 
504 |a Includes bibliographical references. 
500 |a "Western Hemisphere." 
500 |a "June 2012." 
505 0 |a Cover; Contents; I. Introduction; Figures; 1. Latin America's Large Neighbors, 2010; Tables; 1. Business Cycle Comovement with Large Neighbors, 1990:Q1-2011:Q4; II. Export Linkages with Brazil; 2. South America: Exports of Goods by Region, 1990-2010; 3. South America: Intra-Regional Exports of Goods 1990-2010; III. How Important are Spillovers from Brazil? A VAR Approach; 4. South America's Exports: Exposure to Brazil, 1990-2010; 5. Export Performance in Brazil's Neighbors, 1990-2011; A. Impact of Brazil-Idiosyncratic Shocks; 6. Output Response to a Shock to Brazil's Output. 
505 8 |a B. Amplification of Global Shocks2. Cumulative Impact on Output; 7. Output Response to a VIX Shock: Brazil's Amplifying Role; C. Variance Decomposition Analysis; IV. The Impact of Brazilian Real Depreciations; 8. Variance Decomposition of Output; 9. Real Exchange Rate Depreciation in Brazil: Export Performance in Southern Cone Neighbors; V. Conclusions; 10. Responses to a Shock to Brazil's Real Exchange Rate; Appendix Figures; 1. South America: Exports of Goods by Region, 1990-2010 (Percent of Total Exports); 2. South America: Exports of Goods by Region, 1990-2010 (Percent of GDP). 
505 8 |a 3. Output Response to a Shock to Global Output4. Output Response to a Shock to the VIX; 5. Output Response to a Shock to Commodity Prices; 6. Output Response to a Shock to Argentina's Output; 7. Real Exchange Rate Depreciation in Brazil: Export Performance in Southern Cone Neighbors; References. 
651 0 |a Brazil  |x Commerce  |z Southern Cone of South America  |x Econometric models. 
651 0 |a Southern Cone of South America  |x Commerce  |z Brazil  |x Econometric models. 
651 0 |a Brazil  |x Commerce  |z South America  |x Econometric models. 
651 0 |a South America  |x Commerce  |z Brazil  |x Econometric models. 
650 0 |a Industrial productivity  |z Brazil  |x Econometric models. 
650 0 |a Devaluation of currency  |z Brazil  |x Econometric models. 
650 7 |a Commerce  |x Econometric models  |2 fast 
650 7 |a Devaluation of currency  |x Econometric models  |2 fast 
650 7 |a Industrial productivity  |x Econometric models  |2 fast 
651 7 |a Brazil  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39QbtfRB9KGtqfkFTFbfB77QY 
651 7 |a South America  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJkXBJV9Hk6cKTTG6C3fbd 
651 7 |a South America  |z Southern Cone of South America  |2 fast 
700 1 |a Sosa, Sebastian,  |e author. 
710 2 |a International Monetary Fund.  |b Western Hemisphere Department,  |e issuing body. 
758 |i has work:  |a Intra-regional spillovers in South America (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCGV6GMMcMVC9h9bJW3pJcK  |4 https://id.oclc.org/worldcat/ontology/hasWork 
776 0 8 |i Print version:  |a Sosa, Sebastian.  |t Intra-Regional Spillovers in South America: Is Brazil Systemic after All?  |d Washington : International Monetary Fund, ©2012  |z 9781475504088 
830 0 |a IMF working paper ;  |v WP/12/145. 
856 4 0 |u https://ebookcentral.proquest.com/lib/holycrosscollege-ebooks/detail.action?docID=1606771  |y Click for online access 
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