Show simple item record

dc.contributor.authorCatão, Luiz
dc.date.accessioned2014-12-23T13:42:46Z
dc.date.available2014-12-23T13:42:46Z
dc.date.issued2005-08-19
dc.identifier.urihttp://hdl.handle.net/10438/12986
dc.description.abstractThis 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 trade, fiscal and financial variables. The analysis spans the 135 years since the insertion of these economies into the global economy in the 1870s. The constructed indices are used to derive a business cyc1e chronology for these countries and characterize a set of new stylized facts. In particular, we show that ali four countries have historically displayed a striking combination of high business cyc1e volatility and persistence relative to advanced country benchmarks. Volatility changed considerably over time, however, being very high during early formative decades through the Great Depression, and again during the 1970s and ear1y 1980s, before declining sharply in three of the four countries. We also identify a sizeable common factor across the four economies which variance decompositions ascribe mostly to foreign interest rates and shocks to commodity terms of trade.eng
dc.language.isoeng
dc.publisherFundação Getulio Vargas. Escola de Pós-graduação em Economiapor
dc.relation.ispartofseriesSeminários de Almoço da EPGEpor
dc.rightsTodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveispor
dc.subjectFactor modelseng
dc.subjectLatin Americaeng
dc.subjectBusiness cycleseng
dc.titleCommon factors in Latin America's business cycleseng
dc.typeWorking Papereng
dc.subject.areaEconomiapor
dc.contributor.unidadefgvEscolas::EPGEpor
dc.subject.bibliodataCiclos econômicos - América Latinapor
dc.contributor.affiliationFGV


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record