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Measuring Globalization: A hierarchical network approach

Listed author(s):
  • David Matesanz Gomez

    (University of Oviedo)

  • Guillermo J. Ortega

    (Universidad Nacional de Quilmes)

  • Benno Torgler

    (QUT)

This paper investigates the business cycle co-movement across countries and regions since the middle of the last century as a measure for quantifying the ongoing globalization process of the world economy. Our methodological approach is based on analysis of a correlation matrix and the networks it contains. Such an approach summarizes the interaction and interdependence of all elements and it represents a more accurate measure of the global interdependence involved in the economic system. Our results show (1) that the dynamics of globalization has been more driven by synchronization in regional growth patterns than by the synchronization of the world economy as a whole in contrast with other empirical works and (2) that world crisis periods increase dramatically the global co movement in the world economy.

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File URL: http://external-apps.qut.edu.au/business/documents/discussionPapers/2011/WP267.pdf
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Paper provided by School of Economics and Finance, Queensland University of Technology in its series School of Economics and Finance Discussion Papers and Working Papers Series with number 267.

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Date of creation: 18 Apr 2011
Handle: RePEc:qut:dpaper:267
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Web page: http://www.bus.qut.edu.au/faculty/economics/
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