BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 5/2014:
China and the World economy: Wavelet spectrum analysis of business cycles
Jitka Pomenková ()
, Jarko Fidrmuc ()
and Iikka Korhonen ()
Abstract: We employ a wavelet spectrum analysis to study
globalization and business cycles in China and G7 countries. The
co-movement synchronization between G7 countries and China is shown to have
undergone frequent and large changes during our sample period. The
co-movements for business cycle frequencies are generally different from
those for other frequencies, and synchronization with China’s business
cycle differs as between G7 countries. In recent years Japan, Germany and
Italy seem to have the closest synchronization at business-cycle frequency.
We find a significant relationship between the time-varying wavelet measure
of synchronization and trade only for business-cycle frequencies. The
co-movements at longer frequencies are negatively related to trade, so that
the overall co-movements and trade tend not to be significantly related.
Keywords: globalization; business cycles; synchronization; trade; wavelet analysis; (follow links to similar papers)
JEL-Codes: E32; F15; F41; (follow links to similar papers)
22 pages, January 27, 2014
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- This paper is published as:
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Pomenková, Jitka, Jarko Fidrmuc and Iikka Korhonen, (2014), 'Wavelet Spectrum Analysis of Business Cycles of China and G7 Countries', Applied Economics Letters, Vol. 21, No. 18, pages 1309-1313
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