Sectorial Macroeconomic Interdependencies: Evidence for Latin America, East Asia and Europe

Author/Editor:

Norman Loayza ; J. Humberto Lopez ; Angel J. Ubide

Publication Date:

January 1, 1999

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970–94 by means of an error-components model that decomposes real value added growth in each country into common international effects, sector-specific effects and country-specific effects. We find significant comovements in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups.

Series:

Working Paper No. 1999/011

Subject:

Agricultural sector Economic integration Economic sectors Industrial sector Monetary unions Production Production growth Services sector

English

Publication Date:

January 1, 1999

ISBN/ISSN:

9781451842760/1018-5941

Stock No:

WPIEA0111999

Pages:

38

Please address any questions about this title to publications@imf.org