How strong is the case for dollarization in Costa Rica?: a note on the business cycle comovements with the United States
We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business cycle comovements with the United States. While the literature often focuses on the correlation of shocks, we point out that the response of each country to the shocks is also an impo...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
München
CESifo
2009
|
| Series: | CESifo working paper
2785 : Category 7, Monetary policy and international finance |
| Subjects: | |
| Links: | http://www.cesifo-group.de/DocCIDL/cesifo1_wp2785.pdf |
| Summary: | We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business cycle comovements with the United States. While the literature often focuses on the correlation of shocks, we point out that the response of each country to the shocks is also an important aspect of stabilization policy. We analyze whether Costa Rica and the United States share a common synchronized response to shocks, i.e. a common business cycle, using the Engle and Kozicki (1993) and Cubadda (1999, 2007) serial correlation common features tests, in a quarterly GDP data set from 1991 to 2008. Although we find some tendency towards common AR(p) structures and common long run trends, we reject the hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization in Costa Rica would impede the efforts of its stabilization policy, despite the relatively high contemporaneous correlation of shocks. -- dollarization ; business cycle comovement ; serial correlation common feature ; Central America, Costa Rica |
| Item Description: | Parallel als Druckausg. erschienen |
| Physical Description: | 15 S. graph. Darst. |
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| publisher | CESifo |
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| series | CESifo working paper |
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| spelling | Lindenberg, Nannette Verfasser aut How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States Nannette Lindenberg ; Frank Westermann München CESifo 2009 15 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier CESifo working paper 2785 : Category 7, Monetary policy and international finance Parallel als Druckausg. erschienen We evaluate the proposal for official dollarization in Costa Rica by applying a new approach to measure the business cycle comovements with the United States. While the literature often focuses on the correlation of shocks, we point out that the response of each country to the shocks is also an important aspect of stabilization policy. We analyze whether Costa Rica and the United States share a common synchronized response to shocks, i.e. a common business cycle, using the Engle and Kozicki (1993) and Cubadda (1999, 2007) serial correlation common features tests, in a quarterly GDP data set from 1991 to 2008. Although we find some tendency towards common AR(p) structures and common long run trends, we reject the hypothesis that the two countries share a common business cycle. Based on this evidence, we conclude that official dollarization in Costa Rica would impede the efforts of its stabilization policy, despite the relatively high contemporaneous correlation of shocks. -- dollarization ; business cycle comovement ; serial correlation common feature ; Central America, Costa Rica Dollar (DE-588)4745694-2 gnd rswk-swf Costa Rica (DE-588)4010618-4 gnd rswk-swf Costa Rica (DE-588)4010618-4 g Dollar (DE-588)4745694-2 s DE-604 Westermann, Frank 1970- Verfasser (DE-588)128844604 aut CESifo working paper 2785 : Category 7, Monetary policy and international finance (DE-604)BV013978326 2785 http://www.cesifo-group.de/DocCIDL/cesifo1_wp2785.pdf |
| spellingShingle | Lindenberg, Nannette Westermann, Frank 1970- How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States CESifo working paper Dollar (DE-588)4745694-2 gnd |
| subject_GND | (DE-588)4745694-2 (DE-588)4010618-4 |
| title | How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States |
| title_auth | How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States |
| title_exact_search | How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States |
| title_full | How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States Nannette Lindenberg ; Frank Westermann |
| title_fullStr | How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States Nannette Lindenberg ; Frank Westermann |
| title_full_unstemmed | How strong is the case for dollarization in Costa Rica? a note on the business cycle comovements with the United States Nannette Lindenberg ; Frank Westermann |
| title_short | How strong is the case for dollarization in Costa Rica? |
| title_sort | how strong is the case for dollarization in costa rica a note on the business cycle comovements with the united states |
| title_sub | a note on the business cycle comovements with the United States |
| topic | Dollar (DE-588)4745694-2 gnd |
| topic_facet | Dollar Costa Rica |
| url | http://www.cesifo-group.de/DocCIDL/cesifo1_wp2785.pdf |
| volume_link | (DE-604)BV013978326 |
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