Sectorial Macroeconomic Interdependencies: Evidence for Latin America, East Asia and Europe

Norman Loayza (), Humberto Lopez and Angel Ubide

No 1999/011, IMF Working Papers from International Monetary Fund

Abstract: This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970–94 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 comovements in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups.

Keywords: WP; country; core country; International Comovements; Currency Areas; Error Components Models; production structure; Latin American country; reference country; Pacto Andino country; Central American country; countries in Latin America; Agricultural sector; Services sector; Industrial sector; Production growth; Monetary unions; East Asia; Europe; Eastern Europe; Central America; Asia and Pacific (search for similar items in EconPapers)
Pages: 38
Date: 1999-01-01
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Citations: View citations in EconPapers (20)

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