International Business Cycle Synchronization: A Synthetic Assessment

Results showed that real and financial integration generates heterogeneous impacts on business cycle comovement. Trade integration and greenfield FDI lead business cycle comovements, likely due to deepening intra-industry trade and dense global value chains. Higher debt market integration is associated with more synchronized business cycle comovement, while equity integration leads to business cycle divergence.

  • Introduction
  • Literature Review
  • Data and Empirical Specification
  • Estimation Results
  • Conclusion
 

 
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Source URL: https://www.adb.org/publications/international-business-cycle-synchronization