A closer look at the world business cycle synchronization

Pedro Cerqueira

International Economics and Economic Policy, 2013, vol. 10, issue 3, 349-363

Abstract: This paper uses a transformation of the period-by-period index proposed by Cerqueira and Martins ( 2009 ), to overcome some of its shortcomings, in a non-parametric estimation to analyze how business cycle synchronization for a sample of 111 countries evolved in the period 1960–2007. The period-by-period index is able to distinguish between negative correlations due to episodes in single years, asynchronous behavior in turbulent times and synchronous behavior over stable periods and the non-parametric approach provides a more detailed analysis than the use of a parametric approach. The results show that since the nineties the synchronization at the world level, within and between country groups, experienced a dramatic increase reaching the highest values ever at the sample end. Copyright Springer-Verlag Berlin Heidelberg 2013

Keywords: Globalization; Business cycle synchronization; Convergence (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (27)

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Working Paper: A Closer Look at the World Business Cycle Synchronization (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:iecepo:v:10:y:2013:i:3:p:349-363

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DOI: 10.1007/s10368-013-0233-z

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