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Are Asian Business Cycles Different?

Author

Listed:
  • Yongseung Jung

    (Department of Economics, Kyung Hee University)

  • Soyoung Kim

    (Department of Economics, Seoul National University)

  • Doo Yong Yang

    (College of International Studies, Seoul National University)

  • Tack Yun

    (Department of Economics, Seoul National University)

Abstract

This paper studies the unusual features of emerging economy business cycles in Asia. When we assess whether approaches from the previous literature can explain Asian business cycles, we conclude that standard models based on permanent growth shocks do not replicate key features of Asian business cycles. The evidence suggests that different transmission mechanisms explain the connections between consumption, net exports, and export or import in Latin America and Asia. For evidence of a special transmission mechanism, we study durable goods business cycles in Asia (Korea), noting that strong pro-cyclical durable goods consumption may be explained by the export-income channel coupled with market laddering by which firms have expanded the variety and quality of their durable goods production. © 2013 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

Suggested Citation

  • Yongseung Jung & Soyoung Kim & Doo Yong Yang & Tack Yun, 2013. "Are Asian Business Cycles Different?," Asian Economic Papers, MIT Press, vol. 12(3), pages 94-113, Fall.
    • Handle: RePEc:tpr:asiaec:v:12:y:2013:i:3:p:94-113
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    Cited by:

    1. Tack Yun, 2013. "Recent Issues in Emerging-economies Macroeconomics," International Economic Journal, Taylor & Francis Journals, vol. 27(2), pages 285-302, June.

    More about this item

    Keywords

    business cycles; Asia;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East

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