Sectorial Macroeconomic Interdependencies
AbstractThis paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970–94 by means of an error-components model that decomposes real value added growth in each country into common international effects, sector-specific effects and country-specific effects. We find significant comovements in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 99/11.
Date of creation: 01 Jan 1999
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