Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212902 
Year of Publication: 
2018
Series/Report no.: 
BOFIT Discussion Papers No. 17/2018
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
This paper employs a Global Vector Auto Regressive (GVAR) model to study the evolution of the response of the Commonwealth of Independent States (CIS) to foreign output and oil price shocks. During a two-decade observation period, cross-country trade and financial linkages experience no-table changes. We find CIS countries highly sensitive to global and regional shocks, with that sensitivity increasing after the global financial crisis. CIS countries show strongest responses to output shocks originating in the US, Russia and within the region itself, but their sensitivity to euro area shocks also increases substantially. Despite growing trade relations with China, the responses of CIS countries to output shocks originating in China are still relatively moderate.
JEL: 
C32
F42
F43
E32
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-239-6
Document Type: 
Working Paper

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