TRADE INTENSITY AND BUSINESS CYCLE SYNCHRONIZATION: THE CASE OF EAST ASIAN COUNTRIES
Pradumna B. Rana (prana@ntu.edu.sg)
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Pradumna B. Rana: Division of Economics, School of Humanities and Social Sciences, Nanyang Technological University, Nanyang Avenue, Singapore 639798, Singapore
The Singapore Economic Review (SER), 2008, vol. 53, issue 02, 279-292
Abstract:
This paper examines whether increasing trade intensities among East Asian countries have led to a synchronization of business cycles. It extends the work of Shin and Wang (2004) in two ways: by improving the specification of their business cycle correlation equation and by extending the sample to cover the post-crisis period. The study finds that intra-industry trade, rather than inter-industry trade, is the major factor in explaining business cycle co-movements in East Asia. This result has important implications for the prospects of introducing a single currency in the region.
Keywords: Economic integration; trade intensity; intra-industry trade; business cycle synchronization; East Asia (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1142/S021759080800294X
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