Search IMF Staff Papers


Advanced Search
Journal Description

Editorial Committee

How to Subscribe

Forthcoming Articles

Staff Papers Archive

Copyright Information

Use the free Adobe Acrobat Reader to view pdf files

Free Email Notification

Receive emails when we post new items of interest to you.

Subscribe or Modify your profile




IMF Staff Papers Logo last updated: December 2001
Volume 48, Number 2
 
Comovements and Sectoral Interdependence: Evidence for Latin America, East Asia, and Europe
By Norman Loayza, Humberto Lopez, and Angel Ubide

Full Text of this Article (PDF 262 K)

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 E32]

2001 International Monetary Fund