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Have North-South Growth Linkages Changed?

  • Alexander W. Hoffmaister
  • Mahmood Pradhan
  • Hossein Samiei

This paper provides preliminary econometric evidence suggesting that the traditional trade-based business cycle linkages between the North and the South have changed. Many countries in the South, in particular in Asia, appear to have become more resilient to cyclical movements in the North, and to have come to play a more significant role in sustaining global activity, in particular during the 1991-93 slowdown. A number of factors may have contributed to these changes: improved domestic policies and more open trade and exchange regimes; closer financial linkages with the North and a substantial increase in capital flows; a marked rise in inter-regional trade; and greater diversification of the exports of the South.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 96/54.

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Length: 38
Date of creation: 01 May 1996
Date of revision:
Handle: RePEc:imf:imfwpa:96/54
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  12. Darity, William, Jr, 1987. "Debt, Finance, Production and Trade in a North-South Model: The Surplus Approach," Cambridge Journal of Economics, Oxford University Press, vol. 11(3), pages 211-27, September.
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  14. Donald W.K. Andrews, 1990. "Tests for Parameter Instability and Structural Change with Unknown Change Point," Cowles Foundation Discussion Papers 943, Cowles Foundation for Research in Economics, Yale University.
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  17. Findlay, Ronald, 1980. "The Terms of Trade and Equilibrium Growth in the World Economy," American Economic Review, American Economic Association, vol. 70(3), pages 291-99, June.
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  19. Lewis, Arthur, 1979. "The Slowing Down of the Engine of Growth," Nobel Prize in Economics documents 1979-2, Nobel Prize Committee.
  20. Alexander W. Hoffmaister, 1997. "Macroeconomic Fluctuations in Sub-Saharan Africa," IMF Working Papers 97/82, International Monetary Fund.
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  22. Alexander W. Hoffmaister & Mahmood Pradhan & Hossein Samiei, 1996. "Have North-South Growth Linkages Changed?," IMF Working Papers 96/54, International Monetary Fund.
  23. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September.
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