Bruno R. Delalibera, J. Issler, Roberto da Cunha Castello Branco
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Using Common Features to Investigate Common Growth Cycles for BRICS Countries
Emerging market economies have historically shown high cyclical volatility when compared to developed economies. Common factor models have been largely used in economics as economic theory suggests that there strong linkages between economic activity across different industries or countries. This paper examines the short and long-term co-movement of large emerging market economies – the BRICS countries – by applying the econometric techniques and the tests proposed in the common-feature literature. Despite their dissimilarities, given the rising trade linkages among the BRICS over the last 20 years one should expect their cycles to be synchronized. Our empirical findings fully support this hypothesis. The evidence holds also for the co-movement between the BRICS and developed economies, the US and the Eurozone, which may re- flect the effects of globalization. We believe that our results contribute to give an interesting insight into the short–term dynamics of the largest emerging market economies.
Economia AplicadaEconomics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
0.30
自引率
0.00%
发文量
5
审稿时长
100 weeks
期刊介绍:
The journal Economia Aplicada (Brazilian Journal of Applied Economics) is a quarterly publication of the Dept. of Economics of the Faculty of Economics, Business and Accounting of the University of São Paulo at Ribeirão Preto (FEA-RP/USP). It was first published in 1997 by the Dept. of Economics of FEA-USP and by FIPE, with the primary concern of filling an editorial gap in Brazil. The Journal"s interest is to publish solely scientific papers on applied economics. Nowadays it has the same goal. Its focus is to publish papers with economic analysis applied to specific problems of interest either to public or private sector, especially with quantitative results bringing theory and reality closer.