LEADER 06041oam 22011774 450 001 9910823218203321 005 20240402045211.0 010 $a1-4755-4839-7 010 $a1-4755-7660-9 035 $a(CKB)2550000000107534 035 $a(EBL)1606771 035 $a(SSID)ssj0000941831 035 $a(PQKBManifestationID)11967092 035 $a(PQKBTitleCode)TC0000941831 035 $a(PQKBWorkID)10963950 035 $a(PQKB)11210153 035 $a(Au-PeEL)EBL1606771 035 $a(CaPaEBR)ebr10579620 035 $a(OCoLC)870245004 035 $a(IMF)WPIEE2012145 035 $a(IMF)WPIEA2012145 035 $a(MiAaPQ)EBC1606771 035 $a(EXLCZ)992550000000107534 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIntra-Regional Spillovers in South America : $eIs Brazil Systemic After All? /$fSebastian Sosa, Gustavo Adler 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (23 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-2412-9 311 $a1-4755-0408-X 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $aB. 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) 327 $a3. 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 330 3 $aShocks stemming from Brazil - the large neighbor in South America - have historically been a source of concern for policy-makers in other countries of the region. This paper studies the importance of Brazil?s influence on its neighboring economies, documenting trade linkages over the last two decades and quantifying spillover effects in a Vector Auto Regression setting. While trade linkages with Brazil are significant for the Southern Cone countries (Argentina, Bolivia, Chile, Paraguay, and Uruguay), they are very weak for others. Consistent with this evidence, econometric results show that, while the Southern Cone economies (especially Mercosur?s members) are vulnerable to output shocks from Brazil, the rest of South America is not. Spillovers can take two different forms: the transmission of Brazil-specific shocks and the amplification of global shocks?through their impact on Brazil?s output. Finally, we also find suggestive evidence that depreciations of Brazil?s currency may not have significant impact on output of its key trading partners. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/145 606 $aInvestments, Foreign$zBrazil 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aExternalities$2imf 606 $aTrade: General$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aInternational economics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aSpillovers$2imf 606 $aExports$2imf 606 $aDepreciation$2imf 606 $aReal exchange rates$2imf 606 $aReal effective exchange rates$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aInternational trade$2imf 606 $aNational accounts$2imf 606 $aInternational finance$2imf 606 $aSaving and investment$2imf 607 $aBrazil$xForeign economic relations 607 $aBrazil$2imf 615 0$aInvestments, Foreign 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aExternalities 615 7$aTrade: General 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aInternational economics 615 7$aCurrency 615 7$aForeign exchange 615 7$aSpillovers 615 7$aExports 615 7$aDepreciation 615 7$aReal exchange rates 615 7$aReal effective exchange rates 615 7$aFinancial sector policy and analysis 615 7$aInternational trade 615 7$aNational accounts 615 7$aInternational finance 615 7$aSaving and investment 676 $a382.63 700 $aSosa$b Sebastian$01643706 701 $aAdler$b Gustavo$01614878 801 0$bDcWaIMF 906 $aBOOK 912 $a9910823218203321 996 $aIntra-Regional Spillovers in South America$94080855 997 $aUNINA