国际货币基金组织：国际地震对北马其顿和西巴尔干地区的影响：北马其顿共和国（英文版）

The Western Balkan economies have faced numerous external shocks in recent years, while simultaneously becoming more integrated with the European Union. This paper employs a global vector autoregressive (GVAR) model to estimate the spillovers of real, financial, monetary, and global commodity price shocks across all countries in the region. The findings reveal that real shocks from the euro area significantly impact economic activity and trade. Financial shocks' effects are moderated by t