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Record Nr. |
UNINA9910788524303321 |
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Autore |
Timmermann Allan |
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Titolo |
Common Factors in Latin America's Business Cycles / / Allan Timmermann, Luis Catão, Marco Aiolfi |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-9017-X |
1-4527-9858-3 |
1-282-44802-1 |
9786613821218 |
1-4519-0845-8 |
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Descrizione fisica |
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1 online resource (64 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Business cycles - Latin America - Econometric models |
Business forescasting - Latin America |
Econometrics |
Exports and Imports |
Macroeconomics |
Public Finance |
Business Fluctuations |
Cycles |
Economic History: Macroeconomics and Monetary Economics |
Growth and Fluctuations: General, International, or Comparative |
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) |
Classification Methods |
Cluster Analysis |
Principal Components |
Factor Models |
Empirical Studies of Trade |
National Government Expenditures and Related Policies: General |
Economic growth |
Econometrics & economic statistics |
International economics |
Public finance & taxation |
Business cycles |
Factor models |
Terms of trade |
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Economic recession |
Expenditure |
Econometric analysis |
International trade |
Econometric models |
Economic policy |
nternational cooperation |
Recessions |
Expenditures, Public |
Mexico |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. INTRODUCTION; II. ECONOMETRIC FRAMEWORK; III. NEW BUSINESS CYCLE INDICES FOR LATIN AMERICA; IV. STYLIZED BUSINESS CYCLE FACTS; V. CONCLUSIONS; REFERENCES |
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Sommario/riassunto |
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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. |
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