@inbook {164456,
	title = {Regionalization vs. Globalization},
	booktitle = {Global Interdependence, Decoupling, and Recoupling},
	year = {2013},
	pages = {87-130},
	publisher = {MIT Press},
	organization = {MIT Press},
	abstract = {Both global and regional economic linkages have strengthened substantially over the 
past quarter century. We employ a dynamic factor model to analyze the implications of these 
linkages for the evolution of global and regional business cycles. Our model allows us to assess 
the roles played by the global, regional, and country-specific factors in explaining business 
cycles in a large sample of countries and regions over the period 1960{\textendash}2010. We find that, 
since the mid-1980s, the importance of regional factors has increased markedly in explaining 
business cycles especially in regions that experienced a sharp growth in intra-regional trade and 
financial flows. By contrast, the relative importance of the global factor has declined over the 
same period. In short, the recent era of globalization has witnessed the emergence of regional 
business cycles.},
	url = {http://mitpress.mit.edu/books/global-interdependence-decoupling-and-recoupling},
	author = {Hideaki Hirata and M. Ayhan Kose and Chris Otrok}
}
