Does domestic cooperation lead to business-cycle convergence and financial linkages?

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We test for convergence - à la Massmann and Mitchell [Massmann, M., & Mitchell, J. (2004). Reconsidering the evidence: Are Euro area business cycles converging? Journal of Business Cycle Measurement and Analysis, 1(3), 275-307] - among the industrial sectors of some APEC members-Japan, South Korea, Malaysia, Mexico, the U.S. and Canada for January 1971-March 2004; and, Australia, Japan and South Korea for 1957:01-2003:04. We conclude that business-cycle convergence is far from complete. We also reject convergence in the stock and exchange rate markets. A less stringent definition of co-movement, due to Vahid and Engle [Vahid, F., & Engle, R. (1993). Common trends and common cycles. Journal of Applied Econometrics, 8(4), 341-360], provides evidence of common cycles in the industrial sectors of Australia, Japan and South Korea, and in the stock and exchange rate markets of developed and growth-competitive economies belonging to APEC.

Original languageEnglish
Pages (from-to)369-396
Number of pages28
JournalQuarterly Review of Economics and Finance
Issue number3
StatePublished - Jul 2006


  • Business-cycles convergence
  • Common features
  • Wavelets


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