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dc.contributor.authorKose, M. Ayhanen
dc.contributor.authorOtrok, Christopher M.en
dc.contributor.authorPrasad, Eswaren
dc.date.accessioned2008-09-17-
dc.date.accessioned2010-07-07T11:33:53Z-
dc.date.available2010-07-07T11:33:53Z-
dc.date.issued2008-
dc.identifier.piurn:nbn:de:101:1-2008041613en
dc.identifier.urihttp://hdl.handle.net/10419/35124-
dc.description.abstractThis paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups - industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates - output, consumption, and investment - into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.en
dc.language.isogeren
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x3442en
dc.subject.jelC11en
dc.subject.ddc330en
dc.subject.keywordGlobalizationen
dc.subject.keywordbusiness cyclesen
dc.subject.keywordmacroeconomic fluctuationsen
dc.subject.keywordconvergenceen
dc.subject.keyworddecouplingen
dc.subject.stwKonjunkturen
dc.subject.stwGlobalisierungen
dc.subject.stwKonjunkturzusammenhangen
dc.subject.stwEntwicklungskonvergenzen
dc.subject.stwIndustriestaatenen
dc.subject.stwSchwellenländeren
dc.subject.stwWelten
dc.titleGlobal business cycles: convergence or decoupling?-
dc.type|aWorking Paperen
dc.identifier.ppn565548964en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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