شدت تجارت و هماهنگ سازی چرخه کسب و کار:آیا کشورهای در حال توسعه متفاوت هستند؟

Trade intensity increases the business cycle co-movement among industrial countries. Using annual information for 147 countries for the period 1960–99 we find that the impact of trade intensity on business cycle correlation among developing countries is positive and significant, but substantially smaller than that among industrial countries. Our findings suggest that differences in the responsiveness of cycle synchronization to trade integration between industrial and developing countries are explained by differences in the patterns of specialization and bilateral trade.