Business Cycle Synchronization Since 1880

Michael Artis, Pkg Harischandra and George Chouliarakis

No 8347, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper studies the international business cycle behaviour across 25 advanced and emerging market economies for which 125 years of annual GDP data are available. The picture that emerges is more fragmented than the one drawn by studies that focused on a narrower set of advanced market economies. The paper offers evidence in favour of a secular increase in international business cycle synchronization within a group of European and a group of English-speaking economies that started during 1950-1973 and accelerated since 1973. Yet, in other regions of the world, country-specific shocks are still the dominant forces of business cycle dynamics.

Keywords: Business cycles; Dynamic factor models; Globalization; Integration (search for similar items in EconPapers)
JEL-codes: C32 E32 F41 N10 (search for similar items in EconPapers)
Date: 2011-04
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Citations: View citations in EconPapers (27)

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Related works:
Journal Article: BUSINESS CYCLE SYNCHRONIZATION SINCE 1880 (2011)
Working Paper: Business Cycle Synchronization Since 1880 (2011)
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