Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/272776 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 668
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
We synthetically assess the three major transmission channels of international business cycles: bilateral trade, foreign direct investment (FDI), and portfolio investment flows between economies with multiple fixed effects. Using the data of 72 economies during 2010-2019, we find that real and financial integration generates heterogeneous impacts on business cycle comovement. Trade integration, particularly through intermediate input trade, drives business cycle synchronization. We also find greenfield FDI leads business cycle comovements. This may be due to deepening intra-industry trade and dense global value chains. Higher debt market integration is also associated with more synchronized business cycle comovement, implying that balance sheet effects and the related credit cycle can exert influence on business cycle comovements. However, equity integration leads to business cycle divergence, suggesting that cross-border equity holdings may help stabilize transmission of a foreign economy's shocks.
Schlagwörter: 
business cycle synchronization
trade
FDI
portfolio investment
JEL: 
F15
F21
F34
F44
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Dokumentart: 
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