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R. J. Hodrick and E. C. Prescott, “Post-War U.S. Business Cycles: An Empirical Investigation,” Discussion Paper, Carnegie Mellon University, Pittsburgh, 1980.

has been cited by the following article:

• TITLE: Economic Interdependence: Evidence from China and ASEAN-5 Countries

  AUTHORS: Arunnan Balasubramaniam, Chin-Hong Puah, Shazali Abu Mansor

  KEYWORDS: Granger Non-Causality Tests; Business Cycles; Time-Series; Economic Integration

  JOURNAL NAME: Modern Economy, Vol.3 No.1, January 5, 2012

  ABSTRACT: This study aimed to examine the interdependence relationship among five Association of Southeast Asian Nations (ASEAN-5) countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) and China from a business cycles perspective. The Granger non-causality test proposed by [1] was used to examine causal linkages in business cycles. The empirical results indicated common business cycles between China and ASEAN-5 economies. This suggested that China and ASEAN-5 share similar business cycles and could complement each other in the long run. A discussion of important insights for regional economic policy coordination in which similar business cycles provide a platform for common regional trade, as well as suggestions for monetary policies, conclude the paper.