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Please use this identifier to cite or link to this item: http://hdl.handle.net/10119/10684

Title: The role of production fragmentation in the international business cycle synchronization in East Asia
Authors: Takeuchi, Fumihide
Keywords: International business cycle
Dynamic general equilibrium model
Issue Date: 2011-07-30
Publisher: Elsevier
Magazine name: Journal of Asian Economics
Volume: 22
Number: 6
Start page: 441
End page: 459
DOI: 10.1016/j.asieco.2011.07.003
Abstract: 東アジアの途上国と日本・米国の間で近年見られる景気循環の連動性の上昇について、両者間の「工程間分業」に注目した動学一般均衡(DGE)モデルを使い分析した。工程間分業では国際間で差別化された資本財が交易され、同財が輸入国の資本ストックに組み込まれて生産活動を支えるほか、輸入国は輸入資本財に体化された技術の恩恵も受ける。シミュレーションでは、こうしたメカニズムを通じて工程間分業の拡大が景気の連動性を高めていることが確認された。 : This paper analyzes factors contributing to the observed increase in international business cycle synchronization between eight East Asian developing countries and the major developed economies of Japan and the United States. To this end, a two-country dynamic general equilibrium (DGE) model is proposed which focuses on the role of production fragmentation among these countries. A key feature of the model is that it includes the trade in differentiated capital goods, which are added to the capital stock for production, and the technology embodied in these capital goods. The parameters of the model are calibrated using actual data of the countries included. Model simulations are conducted for two periods (1993–1997 and 1999–2005), before and after the Asian financial crisis, showing that the increase in business cycle synchronization can be attributed mainly to the growing fragmentation of production activities.
Rights: NOTICE: This is the author's version of a work accepted for publication by Elsevier. Fumihide Takeuchi, Journal of Asian Economics, 22(6), 2011, 441-459, http://dx.doi.org/10.1016/j.asieco.2011.07.003
URI: http://hdl.handle.net/10119/10684
Material Type: author
Appears in Collections:z5-10-1. 雑誌掲載論文 (Journal Articles)

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