Journal Article

Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts

Pierre-Richard Agénor, C. John McDermott and Eswar S. Prasad

in The World Bank Economic Review

Published on behalf of World Bank

Volume 14, issue 2, pages 251-285
Published in print May 2000 | ISSN: 0258-6770
Published online May 2000 | e-ISSN: 1564-698X | DOI:
Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts

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This article documents the main stylized features of macroeconomic fluctuations for 12 developing countries. It presents cross-correlations between domestic industrial output and a large group of macroeconomic variables, including fiscal variables, wages, inflation, money, credit, trade, and exchange rates. Also analyzed are the effects of economic conditions in industrial countries on output fluctuations in the sample developing countries. The results point to many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages, countercyclical variation in government expenditures) and some important differences (countercyclical variation in the velocity of monetary aggregates). Their robustness is examined using different detrending procedures.

Journal Article.  0 words. 

Subjects: Development Planning and Policy

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