Worldwide synchronization since the nineteenth century: a wavelet-based view

António Rua

Applied Economics Letters, 2013, vol. 20, issue 8, 773-776

Abstract: Resorting to wavelet analysis, a novel measure is used to assess synchronization of economic activity across a large set of countries. As it has long been acknowledged in the literature that synchronization can vary over time and may depend on the type of fluctuation, the use of a wavelet-based measure of synchronization becomes particularly useful as it can capture both time and frequency varying features within a unified framework. Considering the period since 1870s up to 2011 for a set of 23 countries, it is found that worldwide synchronization has increased over the last decades and it has attained an unprecedented level during the Great Recession.

Date: 2013
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DOI: 10.1080/13504851.2012.744129

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