Comovement and Macroeconomic Interdependence: Evidence for Latin America, East Asia, and Europe

Norman Loayza (), Humberto Lopez and Angel Ubide

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970-94. This is done by means of an error-components model that decomposes real value-added growth in each country into common international effects, sector-specific effects and country-specific effects. We find significant comovement in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be considerably more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups.

Date: 1999-12
New Economics Papers: this item is included in nep-lam and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (22)

Downloads: (external link)
https://www.bcentral.cl/documents/33528/133326/DTBC_60.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:60

Access Statistics for this paper

More papers in Working Papers Central Bank of Chile from Central Bank of Chile Contact information at EDIRC.
Bibliographic data for series maintained by Alvaro Castillo ().