Article2011

BUSINESS CYCLE SYNCHRONIZATION SINCE 1880*

Michael J. Artis · George Chouliarakis · P.K.G. Harischandra

47 citations0/0 files storedManchester School

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Market Dynamics and Volatility

Abstract

This paper studies the international business cycle behaviour across 25 advanced and emerging market economies for which 125 years of annual GDP data are available. The picture that emerges is more fragmented than the one drawn by studies that focused on a narrower set of advanced market economies. The paper offers evidence in favour of a secular increase in international business cycle synchronization within a group of European and a group of English‐speaking economies that started during 1950–1973 and accelerated since 1973. Yet, in other regions of the world, country‐specific shocks are still the dominant forces of business cycle dynamics.

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References

2002Determining the Number of Factors in Approximate Factor Models 2003International Business Cycles: World, Region, and Country-Specific Factors 1993Detrending, stylized facts and the business cycle 2003The World Economy 1991International Evidence on the Historical Properties of Business Cycles 1987The Cyclical Component of U. S. Economic Activity 2005Understanding Changes in International Business Cycle Dynamics 2004Global capital markets integration, crisis, and growth

Cited by

2012Business cycle synchronization during US recessions since the beginning of the 1870s 2013Regionalization vs. Globalization 2020Spillover of sentiment in the European Union: Evidence from time- and frequency-domains

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