Dynamics of Business Cycles in Asia: Differences and Similarities

16 Pages Posted: 4 Sep 2003

See all articles by Sunghyun Henry Kim

Sunghyun Henry Kim

Sungkyunkwan University - Department of Economics

M. Ayhan Kose

World Bank; Brookings Institution; Centre for Economic Policy Research (CEPR); Australian National University (ANU)

Michael G. Plummer

Brandeis University - International Business School

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Abstract

The paper documents the extent of similarities and differences of business cycle characteristics of the Asian countries and compares the cyclical regularities in this region with those of the G-7 countries. The Asian economies are generally more volatile than the G-7 countries, but the amplitude of economic fluctuations in the Asian countries tends to decrease over time. Comovement and persistence properties of business cycles in the Asian countries are very similar to those of the G-7 economies. The authors find that while the patterns of business cycle fluctuations in the main macroeconomic aggregates display important similarities, the behavior of fiscal and monetary policy variables exhibits significant differences across the Asian countries. Moreover, there is a high degree of comovement between the individual country business cycles and different measures of the Asian business cycle, indicating that there is a regional business cycle specific to the Asian countries.

Suggested Citation

Kim, Sunghyun Henry and Kose, M. Ayhan and Plummer, Michael G., Dynamics of Business Cycles in Asia: Differences and Similarities. Available at SSRN: https://ssrn.com/abstract=426162

Sunghyun Henry Kim (Contact Author)

Sungkyunkwan University - Department of Economics ( email )

110-745 Seoul
Korea

M. Ayhan Kose

World Bank

1818 H Street, NW
Washington, DC 20433
United States

Brookings Institution

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Australian National University (ANU)

Canberra, Australian Capital Territory 2601
Australia

Michael G. Plummer

Brandeis University - International Business School ( email )

Mailstop 32
Waltham, MA 02454-9110
United States

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