Does International Trade Really Lead To Business Cycle Synchronization?—A Panel Data Approach
This paper re-estimates the correlation between trade and business cycle synchronization. Different from other previous studies, we employ long-run GDP and trade data and use the GDP cross-correlation index a la Cerqueira and Martins (2009) rather than over-time cross-correlations. We find a positive impact of trade on business cycle synchronization particularly in the current wave of globalization, although the inter-war period sees negative impacts. The current economic integration and currency unions also positively affect business cycle synchronization.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 79 (2011)
Issue (Month): 2 (03)
|Contact details of provider:|| Postal: |
Phone: (0)161 275 4868
Fax: (0)161 275 4812
Web page: http://www.blackwellpublishing.com/journal.asp?ref=1463-6786
More information through EDIRC
|Order Information:||Web: http://www.blackwellpublishing.com/subs.asp?ref=1463-6786|
References listed on IDEAS
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.:
- Jean Imbs, 2003.
"Trade, Finance, Specialization, and Synchronization,"
IMF Working Papers
03/81, International Monetary Fund.
- Jean Imbs, 2004. "Trade, Finance, Specialization, and Synchronization," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 723-734, August.
- Imbs, Jean, 2003. "Trade, Finance, Specialization and Synchronization," CEPR Discussion Papers 3779, C.E.P.R. Discussion Papers.
- Fidrmuc, Jarko, 2001. "The Endogeneity of optimum currency area criteria, intraindustry trade and EMU enlargement," BOFIT Discussion Papers 8/2001, Bank of Finland, Institute for Economies in Transition.
- Cerqueira, Pedro André & Martins, Rodrigo, 2009. "Measuring the determinants of business cycle synchronization using a panel approach," Economics Letters, Elsevier, vol. 102(2), pages 106-108, February.
- Michael Artis & Toshihiro Okubo, 2008.
"Globalization and Business Cycle Transmission,"
Discussion Paper Series
232, Research Institute for Economics & Business Administration, Kobe University.
- Artis, Michael & Okubo, Toshihiro, 2009. "Globalization and business cycle transmission," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 91-99, August.
- Artis, Michael J & Okubo, Toshihiro, 2008. "Globalization and Business Cycle Transmission," CEPR Discussion Papers 7041, C.E.P.R. Discussion Papers.
- Michael Artis & Toshihiro Okubo, 2008. "Globalization and Business Cycle Transmission," Centre for Growth and Business Cycle Research Discussion Paper Series 110, Economics, The Univeristy of Manchester.
- Kyoji Fukao & Debin Ma & Tangjun Yuan, 2006.
"Real GDP in Pre-War East Asia: A 1934-36 Benchmark Purchasing Power Parity Comparison with the U.S,"
Hi-Stat Discussion Paper Series
d05-132, Institute of Economic Research, Hitotsubashi University.
- Kyoji Fukao & Debin Ma & Tangjun Yuan, 2007. "Real Gdp In Pre-War East Asia: A 1934-36 Benchmark Purchasing Power Parity Comparison With The U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 53(3), pages 503-537, 09.
- Andrew K. Rose, 1999.
"One Money, One Market: Estimating the Effect of Common Currencies on Trade,"
NBER Working Papers
7432, National Bureau of Economic Research, Inc.
- Rose, Andrew, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," Seminar Papers 678, Stockholm University, Institute for International Economic Studies.
- Rose, Andrew K, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," CEPR Discussion Papers 2329, C.E.P.R. Discussion Papers.
- Andrew K. Rose & Eric van Wincoop, 2001. "National Money as a Barrier to International Trade: The Real Case for Currency Union," American Economic Review, American Economic Association, vol. 91(2), pages 386-390, May.
- César Calderón & Alberto Chong & Ernesto Stein, 2002.
"Trade Intensity and Business Cycle Synchronization: Are Developing Countries Any Different?,"
Working Papers Central Bank of Chile
195, Central Bank of Chile.
- Calderon, Cesar & Chong, Alberto & Stein, Ernesto, 2007. "Trade intensity and business cycle synchronization: Are developing countries any different?," Journal of International Economics, Elsevier, vol. 71(1), pages 2-21, March.
- César Calderón & Alberto Chong & Ernesto H. Stein, 2003. "Trade Intensity and Business Cycle Synchronization: Are Developing Countries any Different?," Research Department Publications 4315, Inter-American Development Bank, Research Department.
- César Calderón & Alberto E. Chong & Ernesto H. Stein, 2003. "Trade Intensity and Business Cycle Synchronization: Are Developing Countries any Different?," IDB Publications (Working Papers) 6501, Inter-American Development Bank.
- Michael J. Artis & Toshihiro Okubo, 2012.
"Business Cycle, Currency And Trade, Revisited,"
Pacific Economic Review,
Wiley Blackwell, vol. 17(1), pages 160-180, 02.
- Michael J. Artis & Toshihiro Okubo, 2011. "Business Cycle, Currency and Trade, Revisited," Keio/Kyoto Joint Global COE Discussion Paper Series 2011-019, Keio/Kyoto Joint Global COE Program.
- Robert Inklaar & Richard Jong-A-Pin & Jakob de Haan, 2005.
"Trade and Business Cycle Synchronization in OECD Countries - a Re-examination,"
CESifo Working Paper Series
1546, CESifo Group Munich.
- Inklaar, Robert & Jong-A-Pin, Richard & de Haan, Jakob, 2008. "Trade and business cycle synchronization in OECD countries--A re-examination," European Economic Review, Elsevier, vol. 52(4), pages 646-666, May.
- Torsten Persson, 2001. "Currency unions and trade: how large is the treatment effect?," Economic Policy, CEPR;CES;MSH, vol. 16(33), pages 433-462, October.
- Richard E. Baldwin & Philippe Martin, 1999. "Two Waves of Globalisation: Superficial Similarities, Fundamental Differences," NBER Working Papers 6904, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:bla:manchs:v:79:y:2011:i:2:p:318-332. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.