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This study aims at exploring the business cycle connectedness among G7 countries and India using monthly industrial production data from April 1994 to December 2018. The variance decompostion method of generalized VAR model has been employed to estimate volatility spillover among all countries. Empirical findings suggest that US is net transmitter of volatility whereas Germany is the main recepient of spillover shocks. India is found to be weakly synchronized with G7 natios as far as industrial output based business cycle is concerned.

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Dynamic Connectedness of Indian Business Cycle with G-7 Economies

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  • 发表日期：

    2026年

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  • Zeeshan Nezami Ansari,
  • Rajendra Narayan Paramanik

摘要

This study aims at exploring the business cycle connectedness among G7 countries and India using monthly industrial production data from April 1994 to December 2018. The variance decompostion method of generalized VAR model has been employed to estimate volatility spillover among all countries. Empirical findings suggest that US is net transmitter of volatility whereas Germany is the main recepient of spillover shocks. India is found to be weakly synchronized with G7 natios as far as industrial output based business cycle is concerned.