Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper compares spillovers from the US and Chinese financial markets to markets in Asia and the Pacific. Structural VAR analysis points to the important influence of Chinese equities and currency movements. In normal times China’s influence in the equity market has risen to a level close to that of the United States, although the relative impact of the United States became stronger in crisis periods. Nonetheless, China’s bond market remains a negligible player. China's role may be interpreted as a “regional pull” factor, while that of the United States remains a key “global push” factor.