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Determinants Of Business Cycles In Emerging Market Economies: The Role Of External Factors

Author

Listed:
  • Fatma Pınar Erdem

    (Central Bank of the Republic of Turkey, Ankara, Turkey)

  • Erdal Özmen

    (Middle East Technical University, Department of Economics, Ankara, Turkey)

Abstract

The main aim of this study is to investigate the structure and sources of business cycles in emerging market economies and to determine how these cycles differ than those in developed countries by focusing on the role of external factors. The determinants of business cycles are analysed by applying not only the conventional panel data estimations but also common correlated effects panel mean group method, introduced by Pesaran (2006), which incorporates heterogeneity by allowing country-specific coefficients while accounting for the effects of common global shocks. The major results indicate the common global factors are the leading source of the business cycles both in emerging market economies and developed countries. However, domestic determinants of fluctuations differ across two groups of countries.

Suggested Citation

  • Fatma Pınar Erdem & Erdal Özmen, 2013. "Determinants Of Business Cycles In Emerging Market Economies: The Role Of External Factors," EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey 283, Ekonomik Yaklasim Association.
    • Handle: RePEc:eyd:cp2013:283
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    More about this item

    Keywords

    Business Cycles; Emerging Market Economies; Common Correlated Effects Panel Mean Group Method;
    All these keywords.

    JEL classification:

    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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