Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts
Electronic Access:
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Summary:
This paper documents the main stylized features of macroeconomic fluctuations for 12 developing countries. Cross-correlations between domestic industrial output and a large group of macroeconomic variables (including fiscal variables, wages, inflation, money, credit, trade, and exchange rates) are presented. Also analyzed are the effects of industrial country economic conditions on output fluctuations in these countries. The robustness of the results is examined using different detrending procedures. The results indicate many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages; countercyclical variation in government expenditure) and some important differences (countercyclical variation in the velocity of monetary aggregates).
Series:
Working Paper No. 1999/035
Subject:
Business cycles Economic growth Economic sectors Foreign exchange Industrial sector Inflation Labor Prices Real effective exchange rates Real wages
English
Publication Date:
March 1, 1999
ISBN/ISSN:
9781451845334/1018-5941
Stock No:
WPIEA0351999
Pages:
45
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