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Changing Nature of North-South Linkages: Stylized Facts and Explanations

Author/Editor: Akin, Çigdem | Kose, M. Ayhan
Authorized for Distribution: December 1, 2007
Electronic Access: Free Full Text (PDF file size is 684KB)
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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 examines the changing nature of growth spillovers between developed economies, the North, and developing countries, the South, driven by the process of globalization?the phenomenon of rising international trade and financial flows. We use a comprehensive database of macroeconomic and sectoral variables for 106 countries over the period 1960- 2005. We consider the South to be composed of two groups of countries, the Emerging South and the Developing South, based on the extent of their integration into the global economy. Using a panel regression framework, we find that the impact of the Northern economic activity on the Emerging South has declined during the globalization period (1986-2005). In contrast, the growth linkages between the North and Developing South have been rather stable over time. Our findings also suggest that the Northern and Emerging Southern economies have started to exhibit more intensive intra-group growth spillovers.
Series: Working Paper No. 07/280
Subject(s): Emerging markets | Globalization | International trade | Capital flows | Economic growth
Author's keyword(s): Business cycles | emerging markets | growth linkages | north | south | globalization | decoupling | divergence | convergence
    Published:   December 1, 2007        
            Format:   Paper
    Stock No:   WPIEA2007280   Pages:   57
    Price:   US$18.00
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