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

38 Pages Posted: 8 Sep 1999

See all articles by Norman Loayza

Norman Loayza

World Bank - Research Department

Humberto Lopez

World Bank - Research Department

Angel J. Ubide

Tudor Investment Corporation

Date Written: January 1999

Abstract

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.

JEL Classification: E32

Suggested Citation

Loayza, Norman and Lopez, Humberto and Ubide-Querol, Angel J., Sectorial Macroeconomic Interdependences: Evidence for Latin America, East Asia and Europe (January 1999). IMF Working Paper No. 99/11. Available at SSRN: https://ssrn.com/abstract=174628

Norman Loayza

World Bank - Research Department ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

Humberto Lopez

World Bank - Research Department ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

Angel J. Ubide-Querol (Contact Author)

Tudor Investment Corporation ( email )

800 Connecticut Avenue, Suite 810
Washington, DC 20006
United States
1-202-833 4100 (Phone)
1-202-833 4104 (Fax)

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