01975cas a2200265 a 4500 AALejournalIMF013319 230101c9999 xx r poo 0 0eng d 5.00 USD 9781557753281 1018-5941 BD-DhAAL BD-DhAAL Hirata, Hideaki. Regionalization vs. Globalization / Hideaki Hirata, Ayhan Kose, Christopher Otrok. Washington, D.C. : International Monetary Fund, 2013. 1 online resource (65 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Abstract: Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the global, regional, and country-specific factors in explaining business cycles in a large sample of countries and regions over the period 1960-2010. We find that, since the mid-1980s, the importance of regional factors has increased markedly in explaining business cycles especially in regions that experienced a sharp growth in intra-regional trade and financial flows. By contrast, the relative importance of the global factor has declined over the same period. In short, the recent era of globalization has witnessed the emergence of regional business cycles. Mode of access: Internet Kose, Ayhan. Otrok, Christopher. IMF Working Papers; Working Paper ; No. 2013/019 Full text available on IMF http://elibrary.imf.org/view/journals/001/2013/019/001.2013.issue-019-en.xml IMF e-Library