TY  - CHAP
AB  - This chapter argues that there are a number of different versions of decoupling hypotheses and that rapid swings in their popularity are due largely to herding in popular mental models and shifts in short-run correlations. It is important to not put too much emphasis on such changes of correlations since these can vary substantially depending on the patterns of shocks. There are substantial differences in the effects of contagion during the current crisis on growth rates of both advanced and emerging economies, including Brazil, Russia, India, and China (the BRICs). Our estimates suggest that while countries like China and India have been able to maintain high growth rates, their short falls from trends have not been greatly smaller than for the United States itself. Thus, their decoupling has not been as great as many popular analyses have suggested.
VL  - 9
SN  - 978-0-85724-745-2, 978-0-85724-746-9/1574-8715
DO  - 10.1108/S1574-8715(2011)0000009014
UR  - https://doi.org/10.1108/S1574-8715(2011)0000009014
AU  - Willett Thomas D.
AU  - Liang Priscilla
AU  - Zhang Nan
ED  - Yin-Wong Cheung
ED  - Vikas Kakkar
ED  - Guonan Ma
PY  - 2011
Y1  - 2011/01/01
TI  - Chapter 9 Global Contagion and the Decoupling Debate
T2  - The Evolving Role of Asia in Global Finance
T3  - Frontiers of Economics and Globalization
PB  - Emerald Group Publishing Limited
SP  - 215
EP  - 234
Y2  - 2024/04/26
ER  -