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Emerging Market Heterogeneity: Insights from Cluster and Taxonomy Analysis
Author: Mr. Zhongxia Zhang and Miss Yuan Gao
Series:
IMF Working Papers
Volume/Issue:
Volume 2015: Issue 155
Language:
English
Publication Date:
15 Jul 2015
DOI:
https://doi.org/10.5089/9781513587622.001
ISBN:
9781513587622
ISSN:
1018-5941
Pages:
33
Keywords:
WP; cluster; growth rate; EMs; growth cluster; emerging markets; growth; heterogeneity; cluster analysis; taxonomy; net commodity export deficit; groups EMs; unemployment rate; commodity price booms; investment-growth-unemployment nexus; terms of trade shock; investment share; commodity-exporting EMs; EMs group; Total factor productivity; Consumption; Terms of trade; Global financial crisis of 2008-2009; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper studies growth patterns in Emerging Market Economies (EMs) from the perspective on clusters and taxonomies. First, it documents developments over the past five decades in EMs and uses a cluster analysis to better understand convergence and the investment-growth nexus. Second, it looks at the performance of EMs since 2000 and develops a taxonomy to classify countries according to their factor endowments as well as their real and financial external linkages. The taxonomy offers insights on growth dynamics pre and post the global financial crisis. Results highlight the high degree of heterogeneity in EMs and the need for more granular and targeted near and long-term policy advice.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund