Publication:
Characterizing the Business Cycles of Emerging Economies

Simple item page
dc.contributor.authorCalderón, Cesar
dc.contributor.authorFuentes, Rodrigo
dc.date.accessioned2012-03-19T18:40:33Z
dc.date.available2012-03-19T18:40:33Z
dc.date.issued2010-06-01
dc.description.abstractUsing the dating algorithm by Harding and Pagan (2002) on a quarterly database for 23 emerging market economies (EMEs) and 12 developed countries over the period 1980.Q1 - 2006.Q2, the authors proceed to characterize and compare the business cycle features of these two groups. They first find that recessions are deeper and more frequent among EMEs (especially, among LAC countries) and that expansions are more sizable and longer (especially, among East Asian countries). After this characterization, this paper explores the linkages between the cost of recessions (as measured by the average annual rate of output loss in the peak-to-trough phase of the cycle) and several country-specific factors. The main findings are: (a) adverse terms of trade shocks raises the cost of recessions in countries with a more open trade regime, deeper financial markets and, surprisingly, a more diversified output structure. (b) U.S. interest rate shocks seem to have a significant impact on the cost of recessions in East Asian countries. (c) Recessions tend to be deeper if they coincide with a sudden stop, but the effect tends to be mitigated in countries with deeper domestic credit markets. (d) Countries with stronger institutions tend to have less costly recessions.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100622100448
dc.identifier.doi10.1596/1813-9450-5343
dc.identifier.urihttps://hdl.handle.net/10986/3829
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5343
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectADJUSTMENT COSTS
dc.subjectADVERSE REAL SHOCKS
dc.subjectAUDIT COMMITTEE
dc.subjectBANK POLICY
dc.subjectBANKING CRISIS
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY LAWS
dc.subjectBANKRUPTCY PROCEDURES
dc.subjectBILL
dc.subjectBUSINESS CYCLE
dc.subjectBUSINESS CYCLES
dc.subjectBUSINESS REGULATIONS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCENTRAL BANK
dc.subjectCLAIMANTS
dc.subjectCOLLATERAL
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICES
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCONTROL VARIABLES
dc.subjectCOUNTRY RISK
dc.subjectCREDIT CONSTRAINTS
dc.subjectCREDIT HISTORIES
dc.subjectCREDIT INFORMATION
dc.subjectCREDIT INFORMATION REGISTRIES
dc.subjectCREDIT MARKET
dc.subjectCREDIT MARKETS
dc.subjectCREDIT RATINGS
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCURRENCY CRISIS
dc.subjectCURRENCY OVERVALUATION
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCES
dc.subjectCYCLICAL FLUCTUATIONS
dc.subjectCYCLICAL SHOCKS
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEBTORS
dc.subjectDEPENDENT VARIABLE
dc.subjectDEPOSIT
dc.subjectDEPOSIT MONEY BANKS
dc.subjectDEPRECIATION
dc.subjectDERIVATIVE
dc.subjectDESCRIPTIVE STATISTICS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDISTORTIONS
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC FINANCIAL MARKET
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC FINANCIAL SYSTEM
dc.subjectDUMMY VARIABLE
dc.subjectDUMMY VARIABLES
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICIES
dc.subjectECONOMIC REFORMS
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKET ECONOMY
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE ARRANGEMENTS
dc.subjectEXCHANGE RATE REGIME
dc.subjectEXCHANGE RATE REGIMES
dc.subjectEXCHANGE RATES
dc.subjectEXOGENOUS SHOCKS
dc.subjectEXPANSIONARY PHASE
dc.subjectEXPANSIONARY PHASES
dc.subjectEXPLANATORY VARIABLE
dc.subjectEXPLANATORY VARIABLES
dc.subjectEXPROPRIATION
dc.subjectEXTERNAL DEMAND
dc.subjectEXTERNAL FACTORS
dc.subjectEXTERNAL SHOCKS
dc.subjectFACTOR MARKETS
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE SYSTEM
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL OPENNESS
dc.subjectFINANCIAL SHOCKS
dc.subjectFINANCIAL SYSTEM
dc.subjectFIXED EXCHANGE RATE
dc.subjectFIXED EXCHANGE RATE REGIMES
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE REGIMES
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFLEXIBLE RATES
dc.subjectFLOATING EXCHANGE RATE
dc.subjectFLOATING EXCHANGE RATE REGIMES
dc.subjectFORECLOSURE
dc.subjectFOREIGN INTEREST
dc.subjectFOREIGN INTEREST RATE
dc.subjectFOREIGN INTEREST RATES
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGENERAL EQUILIBRIUM MODEL
dc.subjectGENERAL EQUILIBRIUM MODELS
dc.subjectGLOBAL LIQUIDITY
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT POLICY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS NATIONAL INCOME
dc.subjectGROWTH RATES
dc.subjectIMBALANCES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINSURANCE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE CAPS
dc.subjectINTEREST RATE SHOCKS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT FLOW
dc.subjectJUDICIAL PROCESS
dc.subjectLABOR MARKET
dc.subjectLABOR MARKETS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL RIGHT
dc.subjectLEGAL RIGHTS
dc.subjectLEGAL SYSTEMS
dc.subjectLENDERS
dc.subjectLESS DEVELOPED ECONOMIES
dc.subjectLEVY
dc.subjectLIQUID ASSETS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CONDITIONS
dc.subjectLOCAL CURRENCY
dc.subjectMACROECONOMIC FLUCTUATIONS
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMIC VOLATILITY
dc.subjectMONETARY ECONOMICS
dc.subjectMONEY MARKET
dc.subjectMONEY MARKET RATE
dc.subjectNATURAL DISASTERS
dc.subjectNEGATIVE SHOCKS
dc.subjectNOTARIES
dc.subjectOPEN ECONOMIES
dc.subjectOPEN ECONOMY
dc.subjectOPTIMUM CURRENCY AREA
dc.subjectOUTPUT
dc.subjectOUTPUT LOSS
dc.subjectOUTPUT LOSSES
dc.subjectOUTPUTS
dc.subjectPERMANENT INCOME HYPOTHESIS
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL RISK
dc.subjectPOTENTIAL INVESTORS
dc.subjectPRIVATE CREDIT
dc.subjectPUBLIC REGISTRIES
dc.subjectRANDOM WALK
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL EXCHANGE RATE OVERVALUATION
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATES
dc.subjectREAL MONEY MARKET RATE
dc.subjectREAL SHOCKS
dc.subjectRECESSION
dc.subjectRECESSIONS
dc.subjectREGRESSION ANALYSIS
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESERVE BANK
dc.subjectRISK PREMIUM
dc.subjectRISK SHARING
dc.subjectSAVINGS
dc.subjectSCATTER PLOTS
dc.subjectSHAREHOLDERS
dc.subjectSLOWDOWN
dc.subjectSLOWDOWNS
dc.subjectSMALL BUSINESSES
dc.subjectSTANDARD DEVIATION
dc.subjectSTEADY STATE
dc.subjectSUPPLY SHOCK
dc.subjectTAX
dc.subjectTRADE DEFICIT
dc.subjectTRADE OPENNESS
dc.subjectTRADE POLICY
dc.subjectTRADE REGIME
dc.subjectTRADE SHOCK
dc.subjectTRADE SHOCKS
dc.subjectVALUATION
dc.subjectWORKING CAPITAL
dc.subjectWORLD ECONOMY
dc.subjectWORLD INTEREST RATES
dc.titleCharacterizing the Business Cycles of Emerging Economiesen
dspace.entity.typePublication
okr.crossref.titleCharacterizing The Business Cycles Of Emerging Economies
okr.date.doiregistration2025-04-10T11:46:40.267492Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100622100448
okr.guid524811468325165721
okr.identifier.doi10.1596/1813-9450-5343
okr.identifier.externaldocumentum000158349_20100622100448
okr.identifier.internaldocumentum12453010
okr.identifier.reportWPS5343
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/06/22/000158349_20100622100448/Rendered/PDF/WPS5343.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
WPS5343.pdf
Size:
811.86 KB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
WPS5343.txt
Size:
141.68 KB
Format:
Plain Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Policy Research Working Papers