| Description |
1 online resource (62 pages) : illustrations |
| Series |
IMF working paper ; WP/06/49 |
|
IMF working paper ; WP/06/49.
|
| Contents |
I. INTRODUCTION; II. ECONOMETRIC FRAMEWORK; III. NEW BUSINESS CYCLE INDICES FOR LATIN AMERICA; IV. STYLIZED BUSINESS CYCLE FACTS; V. CONCLUSIONS; REFERENCES |
| Summary |
This paper constructs new business cycle indices for Argentina, Brazil, Chile, and Mexico based on common dynamic factors extracted from a comprehensive set of sectoral output, external data, and fiscal and financial variables spanning over a century. The constructed indices are used to derive a business cycle chronology for these countries and characterize a set of new stylized facts. In particular, we show that all four countries have historically displayed a striking combination of high business cycle and persistence relative to benchmark countries, and that such volatility has been time-varying, with important differences across policy regimes. We also uncover a sizeable common factor across the four economies which has greatly limited scope for regional risk sharing |
| Bibliography |
Includes bibliographical references |
| Notes |
Print version record |
| Subject |
Business cycles -- Latin America -- Econometric models
|
|
Business forescasting -- Latin America
|
|
Business cycles -- Econometric models
|
|
Latin America
|
| Form |
Electronic book
|
| Author |
Catão, Luis, author.
|
|
Timmermann, Allan, author.
|
|
International Monetary Fund. Research Department.
|
| ISBN |
1282448021 |
|
9781282448025 |
|
