Macroeconomic Integration in Asia Pacific: Common Stochastic Trends and Business Cycle Coherence

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Macroeconomic Integration in Asia Pacific: Common Stochastic Trends and Business Cycle Coherence

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Enzo Weber

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Enzo Weber

Abstract

This paper addresses the question of macroeconomic integration in the Asian Pacific region. Economically, the analysis is based on the notions of stochastic long-run convergence and business cycle coherence. The econometric procedure consists of tests for cointegration, the examination of vector error correction models, several variants of common cycle tests and forecast error variance decompositions. Results in favour of cyclical synchrony can be partly established, and are even exceeded by the broad evidence for equilibrium relations. In these domains, several leading countries are identified.

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Paper provided by Sonderforschungsbereich 649, Humboldt University, Berlin, Germany in its series SFB 649 Discussion Papers with number SFB649DP2006-039.

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Length: 27 pages
Date of creation: May 2006
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Handle: RePEc:hum:wpaper:sfb649dp2006-039

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F15 - International Economics - - Trade - - - Economic Integration
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models

This paper has been announced in the following NEP Reports:

NEP-ALL-2006-05-13 (All new papers)
NEP-CBA-2006-05-13 (Central Banking)
NEP-FOR-2006-05-13 (Forecasting)
NEP-MAC-2006-05-13 (Macroeconomics)
NEP-SEA-2006-05-13 (South East Asia)

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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Weber, Enzo, 2007. "Regional and Outward Economic Integration in South-East Asia," MPRA Paper 6136, University Library of Munich, Germany, revised Dec 2007. [Downloadable!]
Other versions:
- Enzo Weber, 2007. "Regional and Outward Economic Integration in South-East Asia," SFB 649 Discussion Papers SFB649DP2007-019, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany. [Downloadable!]

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