The Impact of U.S. Economic Growth on the Rest of the World: How Much Does It Matter?

This paper attempts to quantify the extent to which U.S. growth is an ``engine'' of the world economy. Results based on fixed-effects estimation using panel data suggest a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, in rec...

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Bibliographic Details
Published in:Journal of economic integration 2004, 19(1), , pp.1-18
Main Authors: Arora, Vivek, Vamvakidis, Athanasios
Format: Article
Language:English
Subjects:
Developing countries
Economic fluctuations
Economic growth
Gross domestic product
Net exports
Per capita growth
Real gross domestic product
Statistical significance
Trade
Trade development
경제학
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Summary:This paper attempts to quantify the extent to which U.S. growth is an ``engine'' of the world economy. Results based on fixed-effects estimation using panel data suggest a significant positive impact of U.S. growth on growth in the rest of the world, especially developing countries, in recent decades. The impact is as large as one-for-one in some specifications. The results are robust to alternative specifications and to the alternative claim that world growth in recent decades has been driven predominantly by common global shocks.
ISSN:1225-651X
1976-5525
DOI:10.11130/jei.2004.19.1.1