The transmission of international shocks to CIS economies: A global VAR approach

This paper employs a Global Vector Auto Regressive (GVAR) model to study the evolution of response Commonwealth Independent States (CIS) foreign output and oil price shocks. During an observation period two decades, cross-country trade financial linkages experience notable changes. We find CIS countries be highly sensitive global regional shocks, with that sensitivity increasing after crisis. show strongest responses shocks originating in US, Russia within region itself, but their euro area also increases substantially. Despite growing relations China, China are still relatively moderate.