A Closer Look at the World Business Cycle Synchronization

Pedro Cerqueira

No 2010-21, GEMF Working Papers from GEMF, Faculty of Economics, University of Coimbra

Abstract: This paper uses a transformation of the period-by-period index proposed by Cerqueira and Martins(2009), to overcome some of it 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.

Keywords: Globalization; Business cycle synchronization; Convergence (search for similar items in EconPapers)
JEL-codes: C33 E32 F42 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2010-09
New Economics Papers: this item is included in nep-bec and nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in International Economics and Economic Policy 10(3): 349-363, 2013.

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Related works:
Journal Article: A closer look at the world business cycle synchronization (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:gmf:wpaper:2010-21

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