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Synchronisation of Recessions in Major Developed and Emerging Economies

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  • Anirvan Banerji
  • Pami Dua

    (Anirvan Banerji is at the Economic Cycle Research Institute, New York, and Pami Dua is at the Delhi School of Economics, University of Delhi and Economic Cycle Research Institute, New York. Their e-mails are anirvan@businesscycle.com and dua@econdse.org)

Abstract

This paper examines various measures of synchronisation of recessions, including clustering of the onset of recession across economies, proportion of economies in expansion and the diffusion index of international coincident indexes, and shows that the recent global recession is possibly the most concerted in the post-world-war period. Factors that contributed to the synchronisation and severity of the recession, such as trade and financial linkages and timing of policy actions, are analysed.

Suggested Citation

  • Anirvan Banerji & Pami Dua, 2010. "Synchronisation of Recessions in Major Developed and Emerging Economies," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 4(2), pages 197-223, May.
    • Handle: RePEc:sae:mareco:v:4:y:2010:i:2:p:197-223
    DOI: 10.1177/097380101000400204
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    References listed on IDEAS

    as
    1. Pami Dua & Anirvan Banerji, 2006. "Business Cycles in India," Working papers 146, Centre for Development Economics, Delhi School of Economics.
    2. Anirvan Banerji & Allan P. Layton & Lakshman Achuthan, 2012. "Dating the ‘world business cycle’," Applied Economics, Taylor & Francis Journals, vol. 44(16), pages 2051-2063, June.
    3. Pami Dua & Anirvan Banerji, 2007. "Predicting Indian Business Cycles," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 1(3), pages 249-265, July.
    4. Pami Dua & Anirvan Banerji, 2012. "Business And Growth Rate Cycles In India," Working papers 210, Centre for Development Economics, Delhi School of Economics.
    5. Ruth P. Mack, 1956. "Consumption and Business Fluctuations: A Case Study of the Shoe, Leather, Hide Sequence," NBER Books, National Bureau of Economic Research, Inc, number mack56-1.
    6. Pami Dua & Anirvan Banerji, 2000. "An Index of Coincident Economic Indicators for the Indian Economy," Working papers 73, Centre for Development Economics, Delhi School of Economics.
    7. Allan Layton & Anirvan Banerji, 2003. "What is a recession?: A reprise," Applied Economics, Taylor & Francis Journals, vol. 35(16), pages 1789-1797.
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    Citations

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    Cited by:

    1. Pami Dua & Divya Tuteja, 2015. "Global Recession and Eurozone Debt Crisis: Impact on Exports of China and India," Working Papers id:7386, eSocialSciences.
    2. Tiago Trancoso, 2013. "Global macroeconomic interdependence: a minimum spanning tree approach," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 5(1), pages 179-189, June.
    3. Pami Dua & Divya Tuteja, 2017. "Impact Of Eurozone Sovereign Debt Crisis On China And India," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(05), pages 1137-1164, December.
    4. Pami Dua & Divya Tuteja, 2023. "Synchronization in Cycles of China and India During Recent Crises: A Markov Switching Analysis," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 21(2), pages 317-337, June.
    5. Pami Dua & Divya Tuteja, 2016. "Linkages between Indian and US financial markets: impact of global financial crisis and Eurozone debt crisis," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 9(3), pages 217-240, September.
    6. Kashif Hamid & Muhammad Mudasar Ghafoor & Muhammad Yasir Saeed, 2020. "Emerging Markets and Volatility Spillover Effects: Empirical Evidence from Regional Emerging Economies of Pakistan, China, India, and Bangladesh," Global Economics Review, Humanity Only, vol. 5(1), pages 102-116, March.

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    More about this item

    Keywords

    Global Recession; Synchronisation; Trade and Financial Linkages; Leading Index; JEL Classifications: E32; JEL Classifications: E37;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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