05729oam 22014414 450 991095679300332120250426110054.097866138212189781462390175146239017X978145279858514527985839781282448025128244802197814519084591451908458(CKB)3360000000443160(EBL)3014515(SSID)ssj0000940091(PQKBManifestationID)11600620(PQKBTitleCode)TC0000940091(PQKBWorkID)10946532(PQKB)10101241(OCoLC)694141211(IMF)WPIEE2006049(MiAaPQ)EBC3014515(IMF)WPIEA2006049WPIEA2006049(EXLCZ)99336000000044316020020129d2006 uf 0engur|n|---|||||txtccrCommon Factors in Latin America's Business Cycles /Allan Timmermann, Luis Catão, Marco Aiolfi1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (64 p.)IMF Working Papers"February 2006."9781451863093 1451863098 Includes bibliographical references.Contents; I. INTRODUCTION; II. ECONOMETRIC FRAMEWORK; III. NEW BUSINESS CYCLE INDICES FOR LATIN AMERICA; IV. STYLIZED BUSINESS CYCLE FACTS; V. CONCLUSIONS; REFERENCESThis 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.IMF Working Papers; Working Paper ;No. 2006/049Business cyclesLatin AmericaEconometric modelsBusiness forescastingLatin AmericaBusiness cyclesimfBusiness FluctuationsimfClassification MethodsimfCluster AnalysisimfCyclesimfEconometric analysisimfEconometric modelsimfEconometrics & economic statisticsimfEconometricsimfEconomic growthimfEconomic History: Macroeconomics and Monetary EconomicsimfEconomic policyimfEconomic recessionimfEmpirical Studies of TradeimfExpenditureimfExpenditures, PublicimfExports and ImportsimfFactor ModelsimfFactor modelsimfGrowth and Fluctuations: General, International, or ComparativeimfInternational economicsimfInternational tradeimfMacroeconomicsimfNational Government Expenditures and Related Policies: GeneralimfNternational cooperationimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfPrincipal ComponentsimfPublic finance & taxationimfPublic FinanceimfRecessionsimfTerms of tradeimfMexicoimfBusiness cyclesEconometric models.Business forescastingBusiness cyclesBusiness FluctuationsClassification MethodsCluster AnalysisCyclesEconometric analysisEconometric modelsEconometrics & economic statisticsEconometricsEconomic growthEconomic History: Macroeconomics and Monetary EconomicsEconomic policyEconomic recessionEmpirical Studies of TradeExpenditureExpenditures, PublicExports and ImportsFactor ModelsFactor modelsGrowth and Fluctuations: General, International, or ComparativeInternational economicsInternational tradeMacroeconomicsNational Government Expenditures and Related Policies: GeneralNternational cooperationPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Principal ComponentsPublic finance & taxationPublic FinanceRecessionsTerms of tradeTimmermann Allan1816232Aiolfi Marco1816419Catão Luis1816353International Monetary Fund.Research Dept.DcWaIMFBOOK9910956793003321Common Factors in Latin America's Business Cycles4372480UNINA