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Chapter 10 The Decoupling of Asia-Pacific?

In: The Evolving Role of Asia in Global Finance

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  • James Yetman

Abstract

Standard measures of business cycle comovement, based on correlation coefficients, are very sensitive to the phase of the business cycle, as well as to regional crises. Adjusting for these factors overturns the empirical result that Asia-Pacific economies are becoming decoupled from the United States over time. An alternative, intuitive, measure of business cycle comovement is proposed, based on the difference between output growth rates adjusted for its long-run average. The new measure suggests that Asia-Pacific economies are becoming more strongly coupled with the United States over time.

Suggested Citation

  • James Yetman, 2011. "Chapter 10 The Decoupling of Asia-Pacific?," Frontiers of Economics and Globalization, in: The Evolving Role of Asia in Global Finance, pages 235-253, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:fegzzz:s1574-8715(2011)0000009015
    DOI: 10.1108/S1574-8715(2011)0000009015
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