Measuring global economic interdependence : a hierarchical network approach

Gomez, David Matesanz, Torgler, Benno, & Ortega, Guillermo J. (2013) Measuring global economic interdependence : a hierarchical network approach. The World Economy, 36(12), pp. 1632-1648.

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Abstract

This paper investigates the business cycle co-movement across countries and regions since 1950 as a measure for quantifying the economic interdependence in the ongoing globalisation process. Our methodological approach is based on analysis of a correlation matrix and the networks it contains. Such an approach summarises the interaction and interdependence of all elements, and it represents a more accurate measure of the global interdependence involved in an economic system. Our results show (1) the dynamics of interdependence has been driven more by synchronisation in regional growth patterns than by the synchronisation of the world economy, and (2) world crisis periods dramatically increase the global co-movement in the world economy.

Impact and interest:

3 citations in Scopus
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ID Code: 65628
Item Type: Journal Article
Refereed: Yes
Keywords: Globalization, regionalism, growth clubs, clustering
DOI: 10.1111/twec.12080
ISSN: 03785920
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Copyright Owner: Copyright 2013 John Wiley & Sons Ltd
Copyright Statement: The definitive version is available at www3.interscience.wiley.com
Deposited On: 02 Jan 2014 05:46
Last Modified: 23 Nov 2016 21:26

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