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A closer look at the world business cycle synchronization

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  • Pedro Cerqueira

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Abstract

This paper uses a transformation of the period-by-period index proposed by Cerqueira and Martins ( 2009 ), to overcome some of its shortcomings, in a non-parametric estimation to analyze how business cycle synchronization for a sample of 111 countries evolved in the period 1960–2007. The period-by-period index is able to distinguish between negative correlations due to episodes in single years, asynchronous behavior in turbulent times and synchronous behavior over stable periods and the non-parametric approach provides a more detailed analysis than the use of a parametric approach. The results show that since the nineties the synchronization at the world level, within and between country groups, experienced a dramatic increase reaching the highest values ever at the sample end. Copyright Springer-Verlag Berlin Heidelberg 2013

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Bibliographic Info

Article provided by Springer in its journal International Economics and Economic Policy.

Volume (Year): 10 (2013)
Issue (Month): 3 (September)
Pages: 349-363

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Handle: RePEc:kap:iecepo:v:10:y:2013:i:3:p:349-363

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Web page: http://www.springerlink.com/link.asp?id=111059

Related research

Keywords: Globalization; Business cycle synchronization; Convergence;

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Cited by:
  1. Ioannis Tsamourgelis & Persa Paflioti & Thomas Vitsounis, 2013. "Seaports Activity (A)synchronicity, Trade Intensity and Business Cycle Convergence: A Panel Data Analysis," International Journal of Maritime, Trade & Economic Issues (IJMTEI), International Journal of Maritime, Trade & Economic Issues (IJMTEI), vol. 0(1), pages 67-92.

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