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Emerging Market Economies and International Business Cycle Fluctuations

In: Global Financial Crisis and Its Ramifications on Capital Markets

Author

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  • Serpil Kuzucu

    (Marmara University, Institute of Banking and Insurance)

Abstract

This chapter defines business cycles and discusses the causes of business cycle fluctuations in emerging market economies. Both external and domestic factors are sources of business cycle fluctuations in emerging market economies. Business cycle fluctuations are more volatile and recessions are much deeper in emerging markets than in advanced economies. Globalization, increased trade, and financial integration raise business cycle synchronization across countries. However, there is a debate about the decoupling of business cycle fluctuations in emerging markets from advanced countries. There are both supporting and opposing studies to the decoupling hypothesis. The global financial crisis pulled the advanced economies into recession, while on the other hand, emerging market economies were less affected by the crisis because of their increased resilience after the year 2000. Business cycle fluctuations in emerging market economies became less closely tied to cycles in advanced economies.

Suggested Citation

  • Serpil Kuzucu, 2017. "Emerging Market Economies and International Business Cycle Fluctuations," Contributions to Economics, in: Ümit Hacioğlu & Hasan Dinçer (ed.), Global Financial Crisis and Its Ramifications on Capital Markets, pages 209-224, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-47021-4_16
    DOI: 10.1007/978-3-319-47021-4_16
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