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Comovements and Sectoral Interdependence: Evidence for Latin America, East Asia, and Europe By Norman Loayza, Humberto Lopez, and Angel Ubide Full Text of this Article (PDF 262 K) Abstract:This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia, and Europe for the period 1970–94 by means of an error-components model that decomposes real value-added growth in each country into common international effects, sector-specific effects, and country-specific effects. We find significant comovements in the European and East Asian samples. In the Latin American sample, however, we find country-specific components to be more important than common patterns. These results are robust to different sub-sample time spans and different sub-sample country groups. [JEL E32]
© 2001 International Monetary Fund
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