negative, but they are also influenced most by the global financial crisis. Finally, we find a significant link between trade …

though trade and financial flows do not really increase correlations of business cycles between China and OECD countries …

-industry trade, but has no direct relation between business cycles and bilateral trade intensity. As far as intra-industry trade is … positively correlated with trade intensities, this result confirms the OCA endogeneity hypothesis. The endogeneity of OCA linkage …

synchronization and trade only for business-cycle frequencies. The co-movements at longer frequencies are negatively related to trade …, so that the overall co-movements and trade tend not to be significantly related. …