skip to content
Global business cycles : convergence or decoupling? Preview this item
ClosePreview this item
Checking...

Global business cycles : convergence or decoupling?

Author: M Ayhan Kose; Christopher Otrok; Eswar Prasad; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), no. 14292.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates -- output, consumption, and investment -- into different  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: M Ayhan Kose; Christopher Otrok; Eswar Prasad; National Bureau of Economic Research.
OCLC Number: 259792818
Notes: "October 2008."
Description: 1 online resource (43, [7] pages) : illustrations, digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 14292.
Responsibility: M. Ayhan Kose, Christopher Otrok, Eswar S. Prasad.

Abstract:

This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates -- output, consumption, and investment -- into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.

Similar Items

Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/259792818> # Global business cycles : convergence or decoupling?
    a schema:MediaObject, schema:Book, schema:CreativeWork ;
    library:oclcnum "259792818" ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/862857708#Place/cambridge_mass> ; # Cambridge, Mass.
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://id.loc.gov/authorities/subjects/sh2009117950> ; # Business cycles--Econometric models
    schema:about <http://id.worldcat.org/fast/842461> ; # Business cycles--Econometric models
    schema:about <http://dewey.info/class/330/> ;
    schema:about <http://id.worldcat.org/fast/943532> ; # Globalization
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/208245078> ; # Christopher Otrok
    schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
    schema:contributor <http://viaf.org/viaf/118196971> ; # Eswar Prasad
    schema:copyrightYear "2008" ;
    schema:creator <http://viaf.org/viaf/15596004> ; # M Ayhan Kose
    schema:datePublished "2008" ;
    schema:description "This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups -- industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates -- output, consumption, and investment -- into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/862857708> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/862857708#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/862857708#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:name "Global business cycles : convergence or decoupling?"@en ;
    schema:productID "259792818" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/259792818#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2008> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/862857708#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://papers.nber.org/papers/w14292> ;
    schema:url <http://ezproxy.eui.eu/login?url=http://papers.nber.org/papers/> ;
    schema:url <https://login.libproxy.uregina.ca:8443/login?url=http://www.nber.org/papers/w14292> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/259792818> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/862857708#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/862857708#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
    schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/862857708#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/259792818> ; # Global business cycles : convergence or decoupling?
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/862857708#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/259792818> ; # Global business cycles : convergence or decoupling?
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://id.loc.gov/authorities/subjects/sh2009117950> # Business cycles--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/842461> # Business cycles--Econometric models
    a schema:Intangible ;
    schema:name "Business cycles--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/943532> # Globalization
    a schema:Intangible ;
    schema:name "Globalization"@en ;
    .

<http://viaf.org/viaf/118196971> # Eswar Prasad
    a schema:Person ;
    schema:familyName "Prasad" ;
    schema:givenName "Eswar" ;
    schema:name "Eswar Prasad" ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/15596004> # M Ayhan Kose
    a schema:Person ;
    schema:familyName "Kose" ;
    schema:givenName "M. Ayhan" ;
    schema:name "M Ayhan Kose" ;
    .

<http://viaf.org/viaf/208245078> # Christopher Otrok
    a schema:Person ;
    schema:familyName "Otrok" ;
    schema:givenName "Christopher" ;
    schema:name "Christopher Otrok" ;
    .

<https://login.libproxy.uregina.ca:8443/login?url=http://www.nber.org/papers/w14292>
    rdfs:comment "Full text available from NBER Working Papers" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.