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

By Norman Loayza, J. Humberto Lopez, Angel J. Ubide

January 1, 1999

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Norman Loayza, J. Humberto Lopez, and Angel J. Ubide Sectorial Macroeconomic Interdependencies: Evidence for Latin America, East Asia and Europe, (USA: International Monetary Fund, 1999) accessed September 18, 2024

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.

Subject: Agricultural sector, Economic integration, Economic sectors, Industrial sector, Monetary unions, Production, Production growth, Services sector

Keywords: Agricultural sector, Asia and Pacific, Central America, Central American country, Core country, Countries in Latin America, Country, Currency Areas, East Asia, Eastern Europe, Error Components Models, Europe, Industrial sector, International Comovements, Latin American country, Monetary unions, Pacto Andino country, Production growth, Production structure, Reference country, Services sector, WP

Publication Details

Pages:

38
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1999/011
Stock No:

WPIEA0111999
ISBN:

9781451842760
ISSN:

1018-5941

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