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Comovement and Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe

  • Norman Loayza
  • Humberto Lopez
  • Angel Ubide

This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970-94. This is done 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 comovement in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be considerably more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups.

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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 60.

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Date of creation: Dec 1999
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Handle: RePEc:chb:bcchwp:60
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  1. Eduardo Levy Yeyati & Angel J. Ubide, 1998. "Crises, Contagion, and the Closed; End Country Fund Puzzle," IMF Working Papers 98/143, International Monetary Fund.
  2. Jeffrey A. Frankel and Shang-Jin Wei., 1996. "ASEAN in a Regional Perspective," Center for International and Development Economics Research (CIDER) Working Papers C96-074, University of California at Berkeley.
  3. Marimon, Ramon & Zilibotti, Fabrizio, 1998. "'Actual' versus 'virtual' employment in Europe Is Spain different?," European Economic Review, Elsevier, vol. 42(1), pages 123-153, January.
  4. Stockman, Alan C., 1988. "Sectoral and national aggregate disturbances to industrial output in seven European countries," Journal of Monetary Economics, Elsevier, vol. 21(2-3), pages 387-409.
  5. Eichengreen, Barry & Bayoumi, Tamim, 1996. "Is Asia an Optimum Currency Area? Can It Become One? Regional, Global and Historical Perspectives on Asian Monetary Relations," Center for International and Development Economics Research, Working Paper Series qt1td5x343, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  6. Ilan Goldfajn & Rodrigo O. Valdés, 1997. "Capital Flows and the Twin Crises ; The Role of Liquidity," IMF Working Papers 97/87, International Monetary Fund.
  7. Dellas, Harris, 1986. "A real model of the world business cycle," Journal of International Money and Finance, Elsevier, vol. 5(3), pages 381-394, September.
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