Are Business Cycles Different in Asia and Latin America?

Hoffmaister, Alexander W.; Roldós, Jorge

doi:10.5089/9781451927313.001

Cited by 72 publications

(54 citation statements)

References 20 publications

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“…Overall, and excluding Panama, the two sources of external shocks account for 90% of the fluctuations in domestic variables. Hence, contrary to Hoffmaister and Roldos (1997) and in agreement with Calvo et al (1993), Ahmed and Loungani (1999) and Mackowiak (2003), we find that domestic shocks play only a minor role in producing fluctuations in Latin American economies and the imported component of domestic fluctuations in all countries is substantial. This is consistent with analyses conducted in OECD countries.…”

Section: Notesmentioning

confidence: 44%

“…Several papers have partially addressed some of these issues (see, e.g., Agenor et al, 1999;Fackler and Rogers, 1995;Hoffmaister and Roldos, 1997;Amhed and Loungani, 1999;Arora and Cerisola, 2000;Goldfajn and Olivares, 2000;Cooley and Quadrini, 2001;SchmittGrohe and Uribe, 2001;Mendoza, 2001;Mackowiak, 2003). This work adds to the literature in several dimensions.…”

Section: Introductionmentioning

confidence: 74%

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The transmission of US shocks to Latin America

Canova

2005

J of Applied Econometrics

434

311

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SUMMARYI study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using sign restrictions and treated as exogenous with respect to Latin American economies. Posterior estimates for individual and average effects are constructed. US monetary shocks produce significant fluctuations in Latin America, but real demand and supply shocks do not. Floaters and currency boarders display similar output but different inflation and interest rate responses. The financial channel plays a crucial role in the transmission. US disturbances explain important portions of the variability of Latin American macrovariables, producing continental cyclical fluctuations and, in two episodes, destabilizing nominal exchange rate effects. Policy implications are discussed.

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Section: Notesmentioning

confidence: 44%

Section: Introductionmentioning

confidence: 74%

The transmission of US shocks to Latin America

Canova

2005

J of Applied Econometrics

434

311

View full text Add to dashboard Cite

show abstract

“…It is only since late 1990, this figure gradually increase toward emerging countries. The study of Hoffmaister and Roldos (1997) in groups of developing countries was remarkable. They carried out research which compared business cycle in 15 Asia and in 17 Latin American in period .…”

Section: Sources Of Business Cycles In Developing Countriesmentioning

confidence: 99%

“…Equation (4) In order to examine the impacts of term of trade shocks on output, I will utilize the equation which was mentioned by Hoffmaister at et (1997), as follows…”

Section: Domestic Money-market Equilibrium (Lm Curve)mentioning

confidence: 99%

Dynamics of Business Cycles in Vietnam: A Comparison with Indonesia and Philippines

2014

SSRN Journal

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“…One obvious explanation for the low synchronization of business cycles found for many countries relative to the Euro Area is the concentration of production and exports in a limited number of commodities, as mentioned above. Such a feature leads to idiosyncratic shocks related with swings in world prices, and the corresponding changes in terms of trade, as well as shocks related with the impact of climate conditions on crops (see, e.g., Hoffmaister, Roldós andWickham, 1998, Kose andRiezman, 2001, and Van den Boogaerde and Tsangarides, 2005). 23 The sensitivity of the African countries to supply shocks is apparent in the fact that the variability of their output gaps is, overall, quite larger than the variability of the EMU12 countries' output gaps.…”

Section: Synchronization Of Business Cyclesmentioning

confidence: 99%

Anchoring to the Euro (and Grouped Together)? The Case of African Countries

Loureiro

Martins

Ribeiro

2011

Journal of African Economies

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The currencies of sixteen African countries, namely those belonging to the West African Economic and Monetary Union (WAEMU), to the Central African Economic and Monetary Community (CAEMC), Comoros and Cape Verde, have been pegged to the euro since the inception of the new European currency in 1999. This paper assesses whether the euro is an adequate anchor for those countries. The evaluation is based on three key criteria borrowed from the optimal currency area (OCA) theory and the conclusion is that the euro is an appropriate currency for anchoring only in the case of Cape Verde. Since the members of WAEMU and of CAEMC are jointly pegged to the euro, the paper further assesses whether the grouping of countries in these two CFA monetary unions receives economic support. Based on the OCA criteria used to investigate the first issue, the conclusion is that the composition of CAEMC does not conform to basic requirements. In contrast, for a wide group of WAEMU countries there is room for sharing a common monetary policy.

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Are Business Cycles Different in Asia and Latin America?

Cited by 72 publications

References 20 publications

The transmission of US shocks to Latin America

The transmission of US shocks to Latin America

Dynamics of Business Cycles in Vietnam: A Comparison with Indonesia and Philippines

Anchoring to the Euro (and Grouped Together)? The Case of African Countries

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