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International Trade and Business Cycles
Baxter, Marianne - 1995
together--there is a world component to business cycles. This paper argues that capital accumulation and international capital … flows are central to understanding world trade and business cycles. In particular, fluctuations in net exports and the …
Persistent link: https://www.econbiz.de/10012473868
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Trade, Exchange Rate Regimes and Output Co-Movement : Evidence from the Great Depression
Mathy, Gabriel P. - 2011
A large body of cross-country empirical evidence identifies monetary policy and trade integration as key determinants of business cycle co-movement. Partially consistent with this, many argue that the re-emergence of the gold standard allowed for the global transmission of a deflationary shock...
Persistent link: https://www.econbiz.de/10012461732
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Foreign Bank Entry and Business Volatility : Evidence from U.S. States and Other Countries
Morgan, Donald - 2003
Theory suggests that bank integration (financial integration generally) can magnify or dampen the business cycles, depending on the importance of shocks to firm collateral versus shocks to the banking sector. In this paper, we show empirically that bank integration across U.S. states over the...
Persistent link: https://www.econbiz.de/10012468988
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Globally Correlated Nominal Fluctuations
Henriksen, Espen - 2009
Cyclical fluctuations in nominal variables--aggregate price levels and nominal interest rates--are documented to be substantially more synchronized across countries than cyclical fluctuations in real output. A transparent mechanism that can account for this striking feature of the nominal...
Persistent link: https://www.econbiz.de/10012463527
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Global Business Cycles and Credit Risk
Pesaran, M. Hashem - 2005
risk factors. Using a global vector autoregressive macroeconomic model accounting for about 80% of world output, we propose …
Persistent link: https://www.econbiz.de/10012467187
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Understanding Changes in International Business Cycle Dynamics
Stock, James H. - 2003
The volatility of economic activity in most G7 economies has moderated over the past forty years. Also, despite large increases in trade and openness, G7 business cycles have not become more synchronized. After documenting these twin facts, we interpret G7 output data using a structural VAR that...
Persistent link: https://www.econbiz.de/10012468838
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Business Cycle Volatility and Openness : An Exploratory Cross-Section Analysis
Razin, Assaf - 1992
This paper links business cycle volatility to barriers on international mobility of goods and capital. Theory predicts that capital market integration should lower consumption volatility while raising investment volatility, if most shocks are country-specific and transitory. The removal of...
Persistent link: https://www.econbiz.de/10012474757
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World Shocks, World Prices, and Business Cycles : An Empirical Investigation
Fernández, Andrés - 2016
intratemporal relative price such as the terms of trade and possibly an intertemporal price such as the world interest rate. This … paper presents an empirical framework in which multiple commodity prices and the world interest rate transmit world … disturbances. Estimates on a panel of 138 countries over the period 1960-2015 indicate that world shocks explain on average 33 …
Persistent link: https://www.econbiz.de/10012455847
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International Recessions
Perri, Fabrizio - 2011
The 2008-2009 crisis was characterized by an unprecedented degree of international synchronization as all major industrialized countries experienced large macroeconomic contractions around the date of Lehman bankruptcy. At the same time countries also experienced large and synchronized...
Persistent link: https://www.econbiz.de/10012461456
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Measures of Participation in Global Value Chains and Global Business Cycles
Wang, Zhi - 2017
This paper makes two methodological contributions. First, it proposes a framework to decompose total production activities at the country, sector, or country-sector level, to different types, depending on whether they are for pure domestic demand, traditional international trade, simple GVC...
Persistent link: https://www.econbiz.de/10012455459