Business Cycles in Developing Countries: Are They Different? |
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| Authors: | John Rand Finn Tarp |
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| Institution: | 1. Department of Finance, Insurance, and Real Estate, School of Business Administration, Laval University, Quebec G1V 0A6, Canada;2. BK Consulting, BNP Paribas Investment Partners, Paris, France;3. Department of Operations and Decision Systems, School of Business Administration, Laval University, Quebec G1V 0A6, Canada;1. Department of Economics, Deakin University, 221 Burwood Highway, Burwood, Victoria 3125 Australia;2. Department of Economics, College of Business Administration, University of Nebraska-Omaha, Omaha, NE 68182-0048, USA;3. School of Business and Economics, Loughborough University, Leicestershire LE11 3TU, UK\n |
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| Abstract: | This paper demonstrates that developing countries differ considerably from their developed counterparts when focus is on the nature and characteristics of short-run macroeconomic fluctuations. Cycles are generally shorter, and the stylized facts of business cycles across countries are more diverse than those of the rather uniform industrialized countries. Supply-side models are generally superior in explaining changes in output, but a “one-size fits all” approach in formulating policy is inappropriate. Our results also illustrate the critical importance of understanding business regularities as a stepping-stone in the process of designing appropriate stabilization policy and macroeconomic management in developing countries. |
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| Keywords: | business cycles detrending developing countries empirical regularities |
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