We investigate changes in Asia＇s regional and global trade linkages and their influence on macroeconomic relationships among Asia, Europe and the USA. We first document changes in tripartite trade patterns and discus...We investigate changes in Asia＇s regional and global trade linkages and their influence on macroeconomic relationships among Asia, Europe and the USA. We first document changes in tripartite trade patterns and discuss sO, lized facts about East Asia ＂s trade structure, with particular focus on the role of China. China plays a critical role in the rapidly expanding intra-Asian trade as an assembly and produetion center that supplies final goods for the advanced economies. However, China ＂s trade shares in final goods with East Asia and in parts and components with Europe and the USA are rising, suggesting that the region ＂s production chains are becoming increasingly integrated into the global business network. Empirical results from a panel vector autoregression model generally confirm increasingly mutual macroeconomic interdependence among East Asia, Europe and the USA. The findings suggest a future role for Asia as an important trade partner and balancing power in the world economy.展开更多
文摘We investigate changes in Asia＇s regional and global trade linkages and their influence on macroeconomic relationships among Asia, Europe and the USA. We first document changes in tripartite trade patterns and discuss sO, lized facts about East Asia ＂s trade structure, with particular focus on the role of China. China plays a critical role in the rapidly expanding intra-Asian trade as an assembly and produetion center that supplies final goods for the advanced economies. However, China ＂s trade shares in final goods with East Asia and in parts and components with Europe and the USA are rising, suggesting that the region ＂s production chains are becoming increasingly integrated into the global business network. Empirical results from a panel vector autoregression model generally confirm increasingly mutual macroeconomic interdependence among East Asia, Europe and the USA. The findings suggest a future role for Asia as an important trade partner and balancing power in the world economy.
