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Business Cycle Correlations in Asia-Pacific

  • Mark Crosby

    (University of Melbourne)

In this paper business cycle correlations between countries in the Asia-Pacific region are examined. A number of authors have suggested that trade intensity between pairs of countries increases business cycle synchronisation, though theoretically it is not clear that this should be the case. In this paper trade intensity and a number of other macroeconomic and structural variables are used to try and explain synchronisation. Our findings suggest that trade does not explain correlations in the Asia-Pacific region.

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Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 042003.

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Length: 16 pages
Date of creation: Feb 2003
Date of revision:
Handle: RePEc:hkm:wpaper:042003
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  1. Canova, Fabio, 1993. "Detrending and Business Cycle Facts," CEPR Discussion Papers 782, C.E.P.R. Discussion Papers.
  2. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-25, July.
  3. Canova, Fabio & Dellas, Harris, 1993. "Trade interdependence and the international business cycle," Journal of International Economics, Elsevier, vol. 34(1-2), pages 23-47, February.
  4. Todd E. Clark & Eric van Wincoop, 1999. "Borders and business cycles," Staff Reports 91, Federal Reserve Bank of New York.
  5. Canova, Fabio, 1998. "Detrending and business cycle facts: A user's guide," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 533-540, May.
  6. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1987. "International real business cycles," Working Papers 426, Federal Reserve Bank of Minneapolis.
  7. Engel, Charles M & Rose, Andrew K, 2001. "Currency Unions and International Integration," CEPR Discussion Papers 2659, C.E.P.R. Discussion Papers.
  8. Robert C. Feenstra & James R. Markusen & Andrew K. Rose, 2001. "Using the gravity equation to differentiate among alternative theories of trade," Canadian Journal of Economics, Canadian Economics Association, vol. 34(2), pages 430-447, May.
  9. Glenn Otto & Graham Voss & Luke Willard, 2001. "Understanding OECD Output Correlations," RBA Research Discussion Papers rdp2001-05, Reserve Bank of Australia.
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