How Does Globalization Affect the Synchronization of Business Cycles? /

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 synch...

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Detalles Bibliográficos
Autor principal: Kose, Ayhan
Otros Autores: Prasad, Eswar, Terrones, Marco
Formato: Revista
Lenguaje:English
Publicado: Washington, D.C. : International Monetary Fund, 2003.
Colección:IMF Working Papers; Working Paper ; No. 2003/027
Acceso en línea:Full text available on IMF
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245 1 0 |a How Does Globalization Affect the Synchronization of Business Cycles? /  |c Ayhan Kose, Eswar Prasad, Marco Terrones. 
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490 1 |a IMF Working Papers 
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506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a 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. 
538 |a Mode of access: Internet 
700 1 |a Prasad, Eswar. 
700 1 |a Terrones, Marco. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2003/027 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2003/027/001.2003.issue-027-en.xml  |z IMF e-Library