International Business Cycles among the Asia Pacific Economies: Implications for APEC Cooperation

EXEDUTIVE SUMMARY

Ⅰ. INTRODUCTION

Ⅱ. EMPIRICAL METHODOLOGY AND DATA
1. Dynamic Latent Factor Model
2. Variance Decompositions
3. Dynamic Correlations
4. The Data

Ⅲ. INTERNATIONAL BUSINESS CYCLE COMOVEMENTS
1. Latent Factors of Internatianal Business Cycles
2. International Business Cycle Comovements

Ⅳ. DRIVING FORCES OF BUSINESS CYCLES
1. Regional Characteristics
2. National Characteristics

Ⅴ. CONCLUDING REMARKS

REFERENCES
APPENDIX