Has Globalization Really Increased Business Cycle Synchronization?

Has Globalization Really Increased Business Cycle Synchronization?
Author :
Publisher : International Monetary Fund
Total Pages : 55
Release :
ISBN-10 : 9781513566436
ISBN-13 : 1513566431
Rating : 4/5 (36 Downloads)

Book Synopsis Has Globalization Really Increased Business Cycle Synchronization? by : Eric Monnet

Download or read book Has Globalization Really Increased Business Cycle Synchronization? written by Eric Monnet and published by International Monetary Fund. This book was released on 2016-03-08 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the strength of business cycle synchronization between 1950 and 2014 in a sample of 21 countries using a new quarterly dataset based on IMF archival data. Contrary to the common wisdom, we find that the globalization period is not associated with more output synchronization at the global level. The world business cycle was as strong during Bretton Woods (1950-1971) than during the Globalization period (1984-2006). Although globalization did not affect the average level of co-movement, trade and financial integration strongly affect the way countries co-move with the rest of the world. We find that financial integration de-synchronizes national outputs from the world cycle, although the magnitude of this effect depends crucially on the type of shocks hitting the world economy. This de-synchronizing effect has offset the synchronizing impact of other forces, such as increased trade integration.


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