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Volatility and Comovement in a Globalized World Economy
Mr. M. Ayhan KoseMr. Marco TerronesMr. Eswar Prasad
其他書名
An Empirical Exploration
出版International Monetary Fund, 2003-12-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / GeneralBusiness & Economics / International / Economics
ISBN14519204749781451920475
URLhttp://books.google.com.hk/books?id=izX9VxT35CMC&hl=&source=gbs_api
註釋This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of business cycle fluctuations and a slight increase in the degree of cyclical comovement among industrialized countries over time. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their corresponding world aggregates.