Research on the Transmission of International Shocks to CIS Economies co-authorized by Oleksandr Faryna and Heli Simola has been issued in the NBU Working Papers series.
In their paper, the authors use Global VAR model to analyze the sensitivity of the CIS region and neighbor countries to foregn shocks while taking into account notable changes in the global trade and financial relationships. They find that CIS region is particularly sensitive to output shocks originating in the US, Russian Federation, and within the region itself. However, the response to euro area shocks also increased significantly after the global financial crisis. Meanwhile, the response to Chinese shocks remains moderate despite the increasing role of China in the global arena.
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