The Composition and Cyclical Behavior of Trade Flows in Emerging Economies
AbstractTrade flows data show that the composition and cyclical properties of imports are similar in developed economies and emerging markets (EM) but this is not the case for exports. Unlike developed economies, (i) EM export few or only a selective set of capital goods and (ii) capital good and overall exports tend to be acyclical. The lack of procyclicality in exports drives the strong countercyclicality of EM trade balances observed in previous studies. A quantitative exercise demonstrates how the standard small open economy business cycle model can be improved for EM by incorporating these features.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 10/46.
Date of creation: 01 Feb 2010
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Other versions of this item:
- Reinout De Bock, 2012. "The Composition and Cyclical Behavior of Trade Flows in Emerging Economies," Economie Internationale, CEPII research center, issue 132, pages 5-33.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-28 (All new papers)
- NEP-DGE-2010-03-28 (Dynamic General Equilibrium)
- NEP-INT-2010-03-28 (International Trade)
- NEP-OPM-2010-03-28 (Open Economy Macroeconomic)
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- Reinout De Bock, 2011. "The Cost of Volatile Investment in an Emerging Economy," Economics Bulletin, AccessEcon, vol. 31(2), pages 1696-1705.
- Reinout De Bock & Alexander Demyanets, 2012. "Bank Asset Quality in Emerging Markets: Determinants and Spillovers," IMF Working Papers 12/71, International Monetary Fund.
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