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Macroeconomic Fluctuations in Developing Countries - Some Stylized Facts

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  • C. John McDermott
  • Eswar Prasad
  • Pierre-Richard Agénor

Abstract

This article documents the main stylized features of macroeconomic fluctuations for 12 developing countries. It presents cross-correlations between domestic industrial output and a large group of macroeconomic variables, including fiscal variables, wages, inflation, money, credit, trade, and exchange rates. Also analyzed are the effects of economic conditions in industrial countries on output fluctuations in the sample developing countries. The results point to many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages, countercyclical variation in government expenditures) and some important differences (countercyclical variation in the velocity of monetary aggregates). Their robustness is examined using different detrending procedures. Copyright 2000 by Oxford University Press.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/35.

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Date of creation: 01 Mar 1999
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Handle: RePEc:imf:imfwpa:99/35

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  19. C. John McDermott & Eswar Prasad & Pierre-Richard Agénor, 1999. "Macroeconomic Fluctuations in Developing Countries - Some Stylized Facts," IMF Working Papers 99/35, International Monetary Fund.
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