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Latin American growth cycles. Empirical evidence: 1960 - 2000

  • Ana María Cerro
  • José Pineda

This paper measures and explains to what extent Latin American countries’ growth cycles experienced co-movement in the last forty years, using different methodologies. We find that short lasting cycles showed a great dispersion among cyclical correlation, while long lasting ones displayed considerable co-movement. From the structural VAR approach, the results imply a very low degree of co-movement among the shocks affecting these economies. There exist important differences regarding the speed of adjustment and the excess volatility of demand shocks. Processes of integration among Latin-American countries need more policy coordination prior to any attempt to go further in an economic integration process.

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Article provided by University of Chile, Department of Economics in its journal Estudios de Economia.

Volume (Year): 29 (2002)
Issue (Month): 1 Year 2002 (June)
Pages: 89-108

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Handle: RePEc:udc:esteco:v:29:y:2002:i:1:p:89-108
Contact details of provider: Web page: http://www.econ.uchile.cl/

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  1. Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America; The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
  2. Robert F. Engle & Sharon Kozicki, 1990. "Testing For Common Features," NBER Technical Working Papers 0091, National Bureau of Economic Research, Inc.
  3. Vahid, Farshid & Issler, João Victor, 1994. "Common cycles in macroeconomic aggregates," Economics Working Papers (Ensaios Economicos da EPGE) 233, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  4. Chow, Gregory C & Lin, An-loh, 1971. "Best Linear Unbiased Interpolation, Distribution, and Extrapolation of Time Series by Related Series," The Review of Economics and Statistics, MIT Press, vol. 53(4), pages 372-75, November.
  5. Gerald Carlino & Keith Sill, 2001. "Regional Income Fluctuations: Common Trends And Common Cycles," The Review of Economics and Statistics, MIT Press, vol. 83(3), pages 446-456, August.
  6. Reinhart, Carmen & Kaminsky, Graciela, 2008. "The center and the periphery: The globalization of financial turmoil," MPRA Paper 14100, University Library of Munich, Germany.
  7. repec:fgv:epgrbe:v:47:n:2:a:1 is not listed on IDEAS
  8. Engle, Robert F & Kozicki, Sharon, 1993. "Testing for Common Features: Reply," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(4), pages 393-95, October.
  9. Issler, Joao Victor & Vahid, Farshid, 2001. "Common cycles and the importance of transitory shocks to macroeconomic aggregates," Journal of Monetary Economics, Elsevier, vol. 47(3), pages 449-475, June.
  10. Vahid, F & Engle, Robert F, 1993. "Common Trends and Common Cycles," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(4), pages 341-60, Oct.-Dec..
  11. Engle, Robert F. & Issler, Joao Victor, 1995. "Estimating common sectoral cycles," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 83-113, February.
  12. Proietti, Tommaso, 1997. "Short-Run Dynamics in Cointegrated Systems," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 59(3), pages 405-22, August.
  13. Fernandez, Roque B, 1981. "A Methodological Note on the Estimation of Time Series," The Review of Economics and Statistics, MIT Press, vol. 63(3), pages 471-76, August.
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