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Measuring Globalization: A hierarchical network approach

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  • David Matesanz Gomez

    (University of Oviedo)

  • Guillermo J. Ortega

    (Universidad Nacional de Quilmes)

  • Benno Torgler

    (QUT)

Abstract

This paper investigates the business cycle co-movement across countries and regions since the middle of the last century as a measure for quantifying the ongoing globalization process of the world economy. Our methodological approach is based on analysis of a correlation matrix and the networks it contains. Such an approach summarizes the interaction and interdependence of all elements and it represents a more accurate measure of the global interdependence involved in the economic system. Our results show (1) that the dynamics of globalization has been more driven by synchronization in regional growth patterns than by the synchronization of the world economy as a whole in contrast with other empirical works and (2) that world crisis periods increase dramatically the global co movement in the world economy.

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File URL: http://external-apps.qut.edu.au/business/documents/discussionPapers/2011/WP267.pdf
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Bibliographic Info

Paper provided by School of Economics and Finance, Queensland University of Technology in its series School of Economics and Finance Discussion Papers and Working Papers Series with number 267.

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Date of creation: 18 Apr 2011
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Handle: RePEc:qut:dpaper:267

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Keywords: Globalization; regionalism; correlation matrix; clustering; synchronization;

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  1. Arribas, Iván & Pérez, Francisco & Tortosa-Ausina, Emili, 2006. "Measuring International Economic Integration: Theory and Evidence of Globalization," MPRA Paper 16010, University Library of Munich, Germany, revised 2006.
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Cited by:
  1. David M Gomez & Guillermo J Ortega & Benno Torgler & German Debat, 2011. "Co-movements in commodity prices: a note based on network analysis," School of Economics and Finance Discussion Papers and Working Papers Series 274, School of Economics and Finance, Queensland University of Technology.
  2. Tiago Trancoso, 2013. "Global macroeconomic interdependence: a minimum spanning tree approach," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 5(1), pages 179-189, June.
  3. David Matesanz Gomez & Guillermo J. Ortega & Benno Torgler, 2012. "Synchronization and Diversity in Business Cycles: A Network Approach Applied to the European Union," CREMA Working Paper Series 2012-01, Center for Research in Economics, Management and the Arts (CREMA).

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