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Comovements and Sectoral Interdependence: Evidence for Latin America, East Asia, and Europe

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Listed:
  • By Norman Loayza

    (International Monetary Fund)

  • Humberto Lopez

    (International Monetary Fund)

  • Angel Ubide

    (International Monetary Fund)

Abstract

This 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. Copyright 2001, International Monetary Fund

Suggested Citation

  • By Norman Loayza & Humberto Lopez & Angel Ubide, 2001. "Comovements and Sectoral Interdependence: Evidence for Latin America, East Asia, and Europe," IMF Staff Papers, Palgrave Macmillan, vol. 48(2), pages 1-7.
    • Handle: RePEc:pal:imfstp:v:48:y:2001:i:2:p:7
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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