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Economic integration, economic crises and economic cycles in Mexico

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  • Cuauhtémoc Calderón Villarreal

    (El Colegio de la Frontera Norte, Mexico)

Abstract

This article analyzes the peculiarity of the dynamics of economic fluctuations of the Mexican economy, within the framework of its integration with the US and Canada; the article demonstrates how the Mexican economy make endogenous the macroeconomic crises from the USA (2001 and 2007), and how the business cycles of both countries became more aligned to each other. Based on the heterodox economic theory of crises and cycles, we check the “empirical law of economic dynamics” of the Mexican capitalist system according to the logic of the multiplier–accelerator theory that allowed us to study the dynamics of business cycles for the period of the study (1993–2013). To do this, we construct and estimate a stationary VAR model and utilize the Granger causality tests and quarterly data.

Suggested Citation

  • Cuauhtémoc Calderón Villarreal, 2017. "Economic integration, economic crises and economic cycles in Mexico," Contaduría y Administración, Accounting and Management, vol. 62(1), pages 85-104, Enero-Mar.
    • Handle: RePEc:nax:conyad:v:62:y:2017:i:1:p:85-104
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    File URL: http://www.cya.unam.mx/index.php/cya/article/view/1347
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    References listed on IDEAS

    as
    1. Brito, Ricardo D. & Bystedt, Brianne, 2010. "Inflation targeting in emerging economies: Panel evidence," Journal of Development Economics, Elsevier, vol. 91(2), pages 198-210, March.
    2. Pesaran, H. Hashem & Shin, Yongcheol, 1998. "Generalized impulse response analysis in linear multivariate models," Economics Letters, Elsevier, vol. 58(1), pages 17-29, January.
    3. Carare, Alina & Stone, Mark R., 2006. "Inflation targeting regimes," European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
    4. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-438, July.
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    Cited by:

    1. Alejandra Trejo Nieto, 2021. "Regional disparities in Mexico and the spatially cumulative effects of national development and economic cycles, 1940–2013," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(4), pages 1283-1296, August.

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    More about this item

    Keywords

    Economic integration; NAFTA; Crisis; Business cycles; Growth;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F02 - International Economics - - General - - - International Economic Order and Integration

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