Globalization and business cycles synchronization in sub-Saharan Africa

References

• Abiad, A., D. Furceri, S. Kalemli-Ozcan, and A. Pescatori. 2013. “Dancing Together? Spillovers, Common Shocks, and the Role of Financial and Trade Linkages.” In World Economic Outlook, 81–111. Washington, DC: International Monetary Fund.
   Google Scholar
• Acalin, J., B. Cabrillac, G. Dufrénot, L. Jacolin, and S. Diop. 2018. “Financial Integration and Business Cycle Synchronization in Sub-Saharan Africa.” In Uncertainty, Expectations and Asset Price Dynamics, edited by Fredj Jawadi, 125–146. Cham: Springer.
   Google Scholar
• Adams, G. 2013. Globalization. Yesterday, Today and Tomorrow. Milton Park: Routledge.
   Google Scholar
• Allen, F., and D. Gale. 2000. “Financial Contagion.” Journal of Political Economy 108 (1): 1–33.
   Web of Science ®Google Scholar
• Altug, S., and F. Canova. 2014. “Do Institutions and Culture Matter for Business Cycles?” Open Economies Review 25 (1): 93–122.
   Web of Science ®Google Scholar
• Anselin, L. 2013. Spatial Econometrics: Methods and Models. Heidelberg: Springer Science & Business Media.
   Google Scholar
• Antonakakis, N., and G. Tondl. 2011. “Has Integration Promoted Business Cycle Synchronization in the Enlarged EU?” FIW Working Paper.
   Google Scholar
• Artis, M. J., and W. Zhang. 1997. “International Business Cycles and the ERM: Is there a European Business Cycle?” International Journal of Finance & Economics 2 (1): 1–16.
   Web of Science ®Google Scholar
• Asteriou, D., and A. Moudatsou. 2015. “Business Cycle Synchronization in the Enlarged EU: The Role of Bilateral Trade and FDI.” Review of Development Economics 19 (1): 196–207.
   Web of Science ®Google Scholar
• Backus, D. K., P. J. Kehoe, and F. E. Kydland. 1992. “International Real Business Cycles.” Journal of Political Economy 100 (4): 745–775.
   Web of Science ®Google Scholar
• Bahia, Kalvin, and Anne Delaporte. 2020. “The State of Mobile Internet Connectivity 2020.” https://www.gsma.com/r/wp-content/uploads/2020/09/GSMA-State-of-Mobile-Internet-Connectivity-Report-2020.pdf.
   Google Scholar
• Bataka, H. 2019. “De jure, De facto Globalization and Economic Growth in Sub-Saharan Africa.” Journal of Economic Integration 34 (1): 133–158.
   Web of Science ®Google Scholar
• Bataka, H. 2020. “Globalization and Gender Inequalities in Sub-Saharan Africa.” The International Trade Journal 34 (6): 516–534.
   Google Scholar
• Baxter, M., and M. A. Kouparitsas. 2005. “Determinants of Business Cycle Co-Movement: A Robust Analysis.” Journal of Monetary Economics 52 (1): 113–157.
   Web of Science ®Google Scholar
• Beck, K. 2020. “Migration and Business Cycles: Testing the OCA Theory Predictions in the European Union.” Applied Economics Letters 28 (13): 1087–1091.
   Web of Science ®Google Scholar
• Beck, N., and J. N. Katz. 1995. “What to Do (and not to Do) with Time-Series Cross-Section Data.” American Political Science Review 89 (3): 634–647.
   Web of Science ®Google Scholar
• Bekaert, G., C. R. Harvey, and C. Lundblad. 2011. “Financial Openness and Productivity.” World Development 39 (1): 1–19.
   Web of Science ®Google Scholar
• Brzoza-Brzezina, M., J. Kotłowski, and G. Wesołowski. 2020. “International Information Flows, Sentiments and Cross-Country Business Cycle Fluctuations.” Collegium of Economic Analysis SGH-Working Papers, (47).
   Google Scholar
• Busl, C., and M. Kappler. 2013. “Does Foreign Direct Investment Synchronise Business Cycles? Results from a Panel Approach.” Working Paper No. 23. WIFO Studies.
   Google Scholar
• Canova, F. 1999. “Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points?” The Economic Journal 109 (452): 126–150.
   Web of Science ®Google Scholar
• Canova, F., M. Ciccarelli, and E. Ortega. 2012. “Do Institutional Changes Affect Business Cycles? Evidence from Europe.” Journal of Economic Dynamics and Control 36 (10): 1520–1533.
   Web of Science ®Google Scholar
• Canova, F., and H. Dellas. 1993. “Trade Interdependence and the International Business Cycle.” Journal of International Economics 34 (1–2): 23–47.
   Web of Science ®Google Scholar
• Carmignani, F., and C. L. Moyle. 2019. “Tourism and the Output Gap.” Journal of Travel Research 58 (4): 608–621.
   Web of Science ®Google Scholar
• Cerqueira, P. A., and R. Martins. 2009. “Measuring the Determinants of Business Cycle Synchronization Using a Panel Approach.” Economics Letters 102 (2): 106–108.
   Web of Science ®Google Scholar
• Cesa-Bianchi, A., J. Imbs, and J. Saleheen. 2019. “Finance and Synchronization.” Journal of International Economics 116: 74–87.
   Web of Science ®Google Scholar
• Chen, X., S. Lin, and W. R. Reed. 2010. “A Monte Carlo Evaluation of the Efficiency of the PCSE Estimator.” Applied Economics Letters 17 (1): 7–10.
   Web of Science ®Google Scholar
• Cheng, H., L. Cen, Y. Wang, and H. Li. 2020. “Business Cycle Co-Movements and Transmission Channels: Evidence from China.” Journal of the Asia Pacific Economy 25 (2): 289–306.
   Web of Science ®Google Scholar
• Chudik, A., and M. H. Pesaran. 2015. “Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors.” Journal of Econometrics 188 (2): 393–420.
   Web of Science ®Google Scholar
• Cogley, T., and J. M. Nason. 1995. “Effects of the Hodrick-Prescott Filter on Trend and Difference Stationary Time Series Implications for Business Cycle Research.” Journal of Economic Dynamics and Control 19 (1–2): 253–278.
   Web of Science ®Google Scholar
• Conley, T. G., and G. Topa. 2002. “Socio-Economic Distance and Spatial Patterns in Unemployment.” Journal of Applied Econometrics 17 (4): 303–327.
   Web of Science ®Google Scholar
• Corrado, L., and B. Fingleton. 2012. “Where Is the Economics in Spatial Econometrics?” Journal of Regional Science 52 (2): 210–239.
   Web of Science ®Google Scholar
• Crişan, E. L. 2019. “The Impact of Culture, Perceptions, and Knowledge on Economic Outcomes in Romania.” Eastern European Economics 57 (5): 349–351. doi:10.1080/00128775.2019.1623050.
   Web of Science ®Google Scholar
• Dées, S., and N. Zorell. 2012. “Business Cycle Synchronization: Disentangling Trade and Financial Linkages.” Open Economies Review 23 (4): 623–643.
   Web of Science ®Google Scholar
• De Grauwe, P., and F. P. Mongelli. 2005. “Endogeneities of Optimum Currency Areas: What Brings Countries Sharing a Single Currency Closer Together?” Available at SSRN 691864.
   Google Scholar
• Diebold, F., and G. Rudebusch. 2021. “6. Measuring Business Cycles: A Modern Perspective.” In Business Cycles: Durations, Dynamics, and Forecasting, edited by F. Diebold and G. Rudebusch, 117–143. Princeton, NJ: Princeton University Press.
   Google Scholar
• Dreher, A., N. Gaston, and P. Martens. 2008. Measuring Globalization. Gauging Its Consequences. New York: Springer.
   Google Scholar
• Driscoll, J. C., and A. C. Kraay. 1998. “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data.” Review of Economics and Statistics 80 (4): 549–560.
   Web of Science ®Google Scholar
• Drukker, D. M. 2003. “Testing for Serial Correlation in Linear Panel-Data Models.” The Stata Journal 3 (2): 168–177.
   Web of Science ®Google Scholar
• Duval, M. R. A., M. K. C. Cheng, K. H. Oh, R. Saraf, and M. Seneviratne. 2014. Trade Integration and Business Cycle Synchronization: A Reappraisal with Focus on Asia. Washington, DC: International Monetary Fund.
   Google Scholar
• Eggoh, J., and A. Belhadj. 2015. “Business Cycles in the Maghreb: Does Trade Matter?” Journal of Economic Integration, 30 (3): 553–576.
   Google Scholar
• Eichengreen, B. J. 1992. Should the Maastricht Treaty be Saved? Princeton, NJ: International Finance Section, Department of Economics, Princeton University.
   Google Scholar
• Elhorst, J. P. 2014. “Spatial Panel Data Models.” In Spatial Econometrics, edited by J. P. Elhorst, 37–93. Berlin: Springer.
   Google Scholar
• Emad, A. E. S. 2012. LMHLRXT: Stata Module to Compute Greene Likelihood Ratio Panel Heteroscedasticity Test. Statistical Software Components S457423, Boston College Department of Economics.
   Google Scholar
• Feldstein, M., and C. Y. Horioka. 1980, June. “Domestic Saving and International Capital Flows.” Economic Journal 90.
   Google Scholar
• Fernández, R. 2011. “Does Culture Matter?” In Handbook of Social Economics, edited by A. Bisin, J. Benhabib, and M. O. Jackson, Vol. 1, 481–510. Amsterdam: Elsevier Science.
   Google Scholar
• Flood, R. P., and A. K. Rose. 2010. “Inflation Targeting and Business Cycle Synchronization.” Journal of International Money and Finance 29 (4): 704–727.
   Web of Science ®Google Scholar
• Frankel, J. A., and A. K. Rose. 1998. “The Endogenity of the Optimum Currency Area Criteria.” The Economic Journal 108 (449): 1009–1025.
   Web of Science ®Google Scholar
• Giannone, D., M. Lenza, and L. Reichlin. 2010. Business Cycles in the Euro Area. Chicago, IL: University of Chicago Press.
   Google Scholar
• Gong, C., and S. Kim. 2018. “Regional Business Cycle Synchronization in Emerging and Developing Countries: Regional or Global Integration? Trade or Financial Integration?” Journal of International Money and Finance 84: 42–57.
   Web of Science ®Google Scholar
• Gouveia, S., and L. Correia. 2013. “Trade Integration and Business Cycle Synchronization in the Euro Area: The Case of Southern European Countries.” Journal of Economic Integration 28: 85–107.
   Google Scholar
• Guiso, L., P. Sapienza, and L. Zingales. 2006. “Does Culture Affect Economic Outcomes?” Journal of Economic Perspectives 20 (2): 23–48.
   Web of Science ®Google Scholar
• Gygli, S., F. Haelg, N. Potrafke, and J. E. Sturm. 2019. “The KOF Globalisation Index–Revisited.” The Review of International Organizations 14 (3): 543–574.
   Web of Science ®Google Scholar
• Haelg, F. 2020. “The KOF Globalisation Index – a Multidimensional Approach to Globalisation.” Jahrbücher für Nationalökonomie und Statistik 240 (5): 691–696.
   Web of Science ®Google Scholar
• Heathcote, J., and F. Perri. 2004. “Financial Globalization and Real Regionalization.” Journal of Economic Theory 119 (1): 207–243.
   Web of Science ®Google Scholar
• Hodrick, R. J., and E. C. Prescott. 1997. “Postwar US Business Cycles: An Empirical Investigation.” Journal of Money, Credit, and Banking 1–16.
   Web of Science ®Google Scholar
• Hoechle, D. 2007. “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence.” The Stata Journal 7 (3): 281–312.
   Web of Science ®Google Scholar
• Holmstrom, B., and J. Tirole. 1997. “Financial Intermediation, Loanable Funds, and the Real Sector.” Quarterly Journal of Economics 112 (3): 663–691.
   Web of Science ®Google Scholar
• Hong, Y. Y., and B. K. Cheon. 2017. “How Does Culture Matter in the Face of Globalization?” Perspectives on Psychological Science 12 (5): 810–823.
   Web of Science ®Google Scholar
• Hsu, C. C., J. Y. Wu, and R. Yau. 2011. “Foreign Direct Investment and Business Cycle Co-Movements: The Panel Data Evidence.” Journal of Macroeconomics 33 (4): 770–783.
   Web of Science ®Google Scholar
• Hurlin, C., and V. Mignon. 2005. “An Overview of Panel Unit-Root Tests.” Economie Prevision, no. 3: 253–294.
   Google Scholar
• Imbs, J. 2003. “Trade, Finance, Specialization, and Synchronization.” IMF Working Papers, 2003(081).
   Google Scholar
• Imbs, J. 2006. “The Real Effects of Financial Integration.” Journal of International Economics 68 (2): 296–324.
   Web of Science ®Google Scholar
• Inklaar, R., R. Jong-A-Pin, and J. De Haan. 2008. “Trade and Business Cycle Synchronization in OECD Countries – a Re-Examination.” European Economic Review 52 (4): 646–666.
   Web of Science ®Google Scholar
• Jaffee, D. M. 2008. “The US Subprime Mortgage Crisis: Issues Raised and Lessons Learned.” In Urbanization and Growth, edited by M. Spence, P. Annez, and R. M. Buckley, 197–235. Washington, DC: World Bank Publications.
   Google Scholar
• Jansen, W. J., and A. C. Stokman. 2004. “Foreign Direct Investment and International Business Cycle Comovement.” Available at SSRN 467020.
   Google Scholar
• Kalemli-Ozcan, S., E. Papaioannou, and J. L. Peydró. 2013. “Financial Regulation, Financial Globalization, and the Synchronization of Economic Activity.” The Journal of Finance 68 (3): 1179–1228.
   Web of Science ®Google Scholar
• Kose, M. A., E. S. Prasad, and M. E. Terrones. 2003. “How Does Globalization Affect the Synchronization of Business Cycles?” American Economic Review 93 (2): 57–62.
   Web of Science ®Google Scholar
• Kose, M. A., and K. M. Yi. 2001. “International Trade and Business Cycles: Is Vertical Specialization the Missing Link?” American Economic Review 91 (2): 371–375.
   Web of Science ®Google Scholar
• Krugman, P. R. 1991. Geography and Trade. Massachusetts: MIT Press.
   Google Scholar
• Krugman, P. 2001. “Lessons of Massachusetts for EMU.” International Library of Critical Writings in Economics 134: 41–61.
   Google Scholar
• Krugman, P., and A. J. Venables. 1996. “Integration, Specialization, and Adjustment.” European Economic Review 40 (3–5): 959–967.
   Web of Science ®Google Scholar
• Lee, J. 2010. “Trade Integration and Business Cycle Comovement: Evidence from the US.” The International Trade Journal 24 (4): 361–388.
   Google Scholar
• Machida, S. 2012. “Does Globalization Render People More Ethnocentric? Globalization and People's Views on Cultures.” The American Journal of Economics and Sociology 71 (2): 436–469.
   Web of Science ®Google Scholar
• Mavisakalyan, A., and C. Weber. 2018. “Linguistic Structures and Economic Outcomes.” Journal of Economic Surveys 32 (3): 916–939.
   Web of Science ®Google Scholar
• Mekonnen, J. L. 2020. “Growth Spillovers to Sub-Saharan Africa: The Role of Trade.” The International Trade Journal 34 (6): 552–571.
   Google Scholar
• Monnet, E., and D. Puy. 2016. “Has Globalization Really Increased Business Cycle Synchronization?” 2016(54): 1–55.
   Google Scholar
• Morgan, D. P., B. Rime, and P. E. Strahan. 2004. “Bank Integration and State Business Cycles.” The Quarterly Journal of Economics 119 (4): 1555–1584.
   Web of Science ®Google Scholar
• Moundigbaye, M., C. Messemer, R. W. Parks, and W. R. Reed. 2020. “Bootstrap Methods for Inference in the Parks Model.” Economics 14 (1): 1–18.
   Google Scholar
• Moundigbaye, M., W. S. Rea, and W. R. Reed. 2018. “Which Panel Data Estimator Should I Use?: A Corrigendum and Extension.” Economics 12 (1): 1–31.
   Google Scholar
• Nguyen, V. T. H., T. T. T. Hoang, and S. M. Nguyen. 2020. “The Effect of Trade Integration on Business Cycle Synchronization in East Asia.” The Journal of Asian Finance, Economics, and Business 7 (8): 225–231.
   Web of Science ®Google Scholar
• Obstfeld, M. 1994. “Risk-Taking, Global Diversification, and Growth.” American Economic Review 84 (5): 1310–1329.
   Web of Science ®Google Scholar
• Ogilvie, S., and A. W. Carus. 2014. “Institutions and Economic Growth in Historical Perspective.” Handbook of Economic Growth 2: 403–513.
   Google Scholar
• Otto, G., G. Voss, and L. Willard. 2001. “Understanding OECD Output Correlations.” Reserve Bank of Australia.
   Google Scholar
• Papageorgiou, T., P. G. Michaelides, and E. G. Tsionas. 2016. “Business Cycle Determinants and Fiscal Policy: A Panel ARDL Approach for EMU.” The Journal of Economic Asymmetries 13: 57–68.
   Google Scholar
• Parks, R. W. 1967. “Efficient Estimation of a System of Regression Equations When Disturbances Are Both Serially and Contemporaneously Correlated.” Journal of the American Statistical Association 62 (318): 500–509.
   Web of Science ®Google Scholar
• Pesaran, M. H. 2006. “Estimation and Inference in Large Heterogeneous Panels with a Multifactor Error Structure.” Econometrica 74 (4): 967–1012.
   Web of Science ®Google Scholar
• Pesaran, M. H. 2007. “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence.” Journal of Applied Econometrics 22 (2): 265–312.
   Web of Science ®Google Scholar
• Pesaran, M. H. 2021. “General Diagnostic Tests for Cross-Sectional Dependence in Panels.” Empirical Economics 60: 13–50.
   Web of Science ®Google Scholar
• Pesaran, M. H., T. Schuermann, and S. M. Weiner. 2004. “Modeling Regional Interdependencies Using a Global Error-Correcting Macroeconometric Model.” Journal of Business & Economic Statistics 22 (2): 129–162.
   Web of Science ®Google Scholar
• Prasad, E., K. Rogoff, S. J. Wei, and M. A. Kose. 2005. “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence.” In India’s and China’s Recent Experience with Reform and Growth, 201–228. London: Palgrave Macmillan.
   Google Scholar
• Rana, P. B. 2007. “Economic Integration and Synchronization of Business Cycles in East Asia.” Journal of Asian Economics 18 (5): 711–725.
   Google Scholar
• Ravn, M. O., and H. Uhlig. 2002. “On Adjusting the Hodrick-Prescott Filter for the Frequency of Observations.” Review of Economics and Statistics 84 (2): 371–376.
   Web of Science ®Google Scholar
• Reed, W. R., and R. Webb. 2010. “The PCSE Estimator Is Good – Just not as Good as You Think.” Journal of Time Series Econometrics 2 (1).
   Google Scholar
• Reed, W. R., and H. Ye. 2011. “Which Panel Data Estimator Should I Use?” Applied Economics 43 (8): 985–1000.
   Web of Science ®Google Scholar
• Ritzer, G. 2007. The Blackwell Companion to Globalization. Oxford: Blackwell.
   Google Scholar
• Rodrik, D. 1990. “How Should Structural Adjustment Programs be Designed?” World Development 18 (7): 933–947.
   Web of Science ®Google Scholar
• Sethapramote, Y. 2015. “Synchronization of Business Cycles and Economic Policy Linkages in ASEAN.” Journal of Asian Economics 39: 126–136.
   Web of Science ®Google Scholar
• Shin, K., and Y. Wang. 2003. “Trade Integration and Business Cycle Synchronization in East Asia.” Asian Economic Papers 2 (3): 1–20.
   Google Scholar
• Shirai, S. 2009. “The Impact of the US Subprime Mortgage Crisis on the World and East Asia: Through Analyses of Cross-Border Capital Movements.” Munich Personal RePEc Archive, 14.
   Google Scholar
• Siddiqui, D. A., and Q. M. Ahmed. 2013. “The Effect of Institutions on Economic Growth: A Global Analysis Based on GMM Dynamic Panel Estimation.” Structural Change and Economic Dynamics 24: 18–33.
   Web of Science ®Google Scholar
• Tapsoba, S. J. A. 2009. “Trade Intensity and Business Cycle Synchronicity in Africa.” Journal of African Economies 18 (2): 287–318.
   Web of Science ®Google Scholar
• Thieß, Petersen, and Hartmann Hauke. 2020. “Globalization Report 2020 – How do developing countries and emerging markets perform?” http://aei.pitt.edu/103222/1/MT_Globalisierungsreport_BTI_Laender_2020_ENG.pdf.
   Google Scholar
• Throsby, D. 2001. Economics and Culture. Cambridge University Press.
   Google Scholar
• Tolj, A., and M. Pečarić. 2018. “The Impact of Fiscal Policy Convergence on Business Cycle Synchronization Between Croatia and Eurozone Countries-Panel Analysis.” Croatian Operational Research Review 9: 281–291.
   Web of Science ®Google Scholar
• Ulaşan, B. 2015. “Trade Openness and Economic Growth: Panel Evidence.” Applied Economics Letters 22 (2): 163–167.
   Web of Science ®Google Scholar
• UNCTAD. 2018. “Economic Development in Africa Report 2018.” https://unctad.org/system/files/official-document/aldcafrica2018_en.pdf.
   Google Scholar
• UNCTAD. 2019. “Digital Economy Report 2019.” https://unctad.org/system/files/official-document/der2019_en.pdf.
   Google Scholar
• Zahonogo, P. 2018. “Globalization and Economic Growth in Developing Countries: Evidence from Sub-Saharan Africa.” The International Trade Journal 32 (2): 189–208.
   Google Scholar
• Zak, P. J., and S. Knack. 2001. “Trust and Growth.” The Economic Journal 111 (470): 295–321.
   Web of Science ®Google Scholar
• Zouri, S. 2020. “Business Cycles, Bilateral Trade and Financial Integration: Evidence from Economic Community of West African States (ECOWAS).” International Economics 163: 25–43.
   Google Scholar