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How does globalization affect the synchronization of business cycles?

Author: M Ayhan KoseEswar PrasadMarco TerronesInternational Monetary Fund. Western Hemisphere Department.International Monetary Fund. Asia and Pacific Department.All authors
Publisher: [Washington, D.C.] : International Monetary Fund, ©2003.
Series: IMF working paper, WP/03/27.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and financial integration enhance global spillovers of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Kose, M. Ayhan.
How does globalization affect the synchronization of business cycles?.
[Washington, D.C.] : International Monetary Fund, ©2003
(OCoLC)51858393
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: M Ayhan Kose; Eswar Prasad; Marco Terrones; International Monetary Fund. Western Hemisphere Department.; International Monetary Fund. Asia and Pacific Department.; International Monetary Fund. Research Department.
ISBN: 1451892233 9781451892239 128109272X 9781281092724
ISSN:2227-8885
OCLC Number: 646975004
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (13 pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/03/27.
Responsibility: M. Ayhan Kose, Eswar S. Prasad, and Marco E. Terrones.

Abstract:

This paper examines the impact of rising trade and financial integration on international business cycle comovement among a large group of industrial and developing countries. The results provide at best limited support for the conventional wisdom that globalization has increased the degree of synchronization of business cycles. The evidence that trade and financial integration enhance global spillovers of macroeconomic fluctuations is stronger for industrial countries. One striking result is that, on average, cross-country consumption correlations have not increased in the 1990s, precisely when financial integration would have been expected to result in better risk-sharing opportunities, especially for developing countries.

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