ECCU Business Cycles

With a fixed peg to the U.S. dollar for more than three decades, the tourism-dependent Eastern Caribbean Currency Union (ECCU) countries share a close economic relationship with the U.S. This paper analyzes the impact of the United States on ECCU business cycles and identifies possible transmission channels. Using two different approaches (the common trends and common cycles approach of Vahid and Engle (1993) and the standard VAR analysis), it finds that the ECCU economies are very sensitive to both temporary and permanent movements in the U.S. economy and that such linkages have strengthened

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Year of publication:	2009
Authors:	Sun, Yan
Other Persons:	Samuel, Wendell A. (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Konjunktur \| Business cycle \| Karibischer Raum \| Caribbean countries \| Konjunkturzusammenhang \| Business cycle synchronization \| Konjunkturtheorie \| Business cycle theory

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Extent:	Online-Ressource (25 p)
Series:	IMF Working Papers IMF working paper ; WP/09/71
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Contents; I. Introduction; II. Business Cycles and Spillovers; A. Analysis of Business Cycles in the Caribbean; B. Common Trend and Cycle Analysis; C. Transmission of U.S. Shocks to the Caribbean; III. Econometric Methodology and Data; A. The Common Trends and Common Cycles Approach; B. The VAR Analysis; C. The Data; IV. Empirical Results; Tables; 1. Summary Statistics of Real GDP Growth; A. Caribbean Common Trends and Common Cycles; 2. VAR Lag Order Selection; 3. Tests for the Number of Cointegrating Vectors; 4. Growth Elasticities in the Caribbean; B. Spillovers from the U.S. to the ECCU 5. Diagnostics of Growth Elasticity ModelsV. Conclusions and Policy Implications; Figures; 1. Three Common Cycles; 2. Four Common Trends; 3. Caribbean Countries: Cyclical Components of Real GDP; 4. Caribbean Countries: Trend Components of Real GDP; 5. ECCU: Responses to One Percent U.S. Growth Shock; 6. ECCU: Country Responses to One Percent U.S. Growth Shock; 7. Antigua and Barbuda: Responses to One Percent U.S. Growth Shock; References
ISBN:	978-1-4518-7218-7 ; 978-1-4519-1653-9 ; 978-1-4518-7218-7
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012677751