Regionalization vs. globalization

Hideaki Hirata, M. Ayhan Kose and Christopher Otrok

Abstract: Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the global, regional, and country-specific factors in explaining business cycles in a large sample of countries and regions over the period 1960?2010. We find that, since the mid-1980s, the importance of regional factors has increased markedly in explaining business cycles especially in regions t

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Year of publication:	2013
Authors:	Hirata, Hideaki ; Kose, M. Ayhan ; Otrok, Christopher M.
Publisher:	Washington, DC : IMF
Subject:	Konjunktur \| Business cycle \| Regionale Konjunktur \| Regional business cycle \| Internationale Wirtschaftsbeziehungen \| International economic relations \| Konjunkturzusammenhang \| Business cycle synchronization \| Welt \| World \| 1960-2010

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Extent:	Online-Ressource (64 S.) graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 13/19 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	"January 2013 Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Contents; Executive Summary; I. Introduction; II. What Do We Know about the Evolution of Global and Regional Business Cycles?; III. Database and Methodology; A. Database; B. Econometric Model; C. Variance Decompositions; IV. How Important Are Regional Cycles (1960-2010)?; A. Global and Regional Cycles; B. Country-Specific Cycles; C. Global, Regional, and Country Factors; V. Business Cycles: Regionalization or Globalization? (1960-84 and 1985-2010); A. Evolution of Global and Regional Cycles; B. Synchronization of Cycles in Consumption and Investment; VI. Sensitivity Experiments A. Country-Specific ResultsB. Demarcation of Time and Configuration of Regions; C. Crises and Synchronization; D. Dynamics of the Global Factor; VII. Conclusion; References; Tables; 1. Variance Decompositions (1960-2010); 2. Variance Decompositions (1960-84); 3. Variance Decompositions (1985-2010); 4. Variance Decompositions for the World (Different Breaks); 5. Variance Decompositions for the World (Different End Years); Figures; 1. Average Variance Explained by Global and Regional Factors (1960-2010); 2. Variance Explained by Global Factor; 3. Variance Explained by Regional Factors 4. Variance Explained by Global and Regional Factors5. Output Variance Explained by Global Factor; 6. Output Variance Explained by Regional Factor; Appendix; I. List of Regions and Countries; II. Summary of Empirical Studies on Synchronization of Cycles in Different Regions Electronic reproduction; Available via World Wide Web
ISBN:	978-1-55775-328-1 ; 978-1-55775-328-1
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009707567