Front Matter Page
Western Hemisphere Department and Asia and Pacific Department
Authorized for distribution by Catherine Pattillo and Alfred Schipke
Contents
I. Introduction
II. BRICs in the World Economy and LIC-BRIC Linkages
III. The GVAR Model and Estimation Strategy
IV. Empirical Results
V. Concluding Remarks
References
Tables
1. BRICs in the Global Economy, 1991–2015
2. BRIC Shocks to LICs: Direct Impacts
3. Changes in Global Variables—Contributions of BRICs
4. Estimated Indirect Response of LIC Outputs to Shocks from BRIC
5. Total Estimated Response of LIC Outputs to shocks Originating from BRICs
6. Contribution to Changes in LICs Growth Rates
Figures
1. LICs and BRIC Linkages: 2000-07 Average
2. Share of Trade with BRIC to Total Trade of LICs by Region, 2000-08
3. Share of Trade with BRIC to Total Trade of LICs by Type of Exporters, 2000-08
4. Assessing the Direct and Indirect Impact of Shocks from BRIC to LICs
5. Responses of LIC’s Real GDP Growth to Shocks Originating from BRICs
6. Real GDP Growth in LICs, Actual and Counterfactual Scenario
Appendix Tables
A.1. List of LICs and Selected Economic Indicators
A.2. LIC, BRIC, and Rest of the World (RoW)
A.3. SVAR-Impulse Response of Global Factors
A.4. BRIC Shocks to LICs: Indirect Impacts
A.5. Variance Decomposition: Forecast Error Variance of LICs’ Real Growth Explained by Identified Total Domestic Factors, BRIC Demand and Technology, and Global Factors