Table 12 Synchronicity of the Reference Cycles – Subsample Analysis
business cycles between country of reference j and either USA, UK, China, or France applies to the whole group of countries linked to country j.
The bivariate synchronization ratio is the number of synchronized cycles greater than 0.50 divided by the sum of synchronized and divergent cycles
over time. The multivariate synchronization ratio is the horizontal average of the matching of the reference cycle with the individual cycle at every
point in time that is positive divided by the total of all averages (both positive and negative).This Table for example shows that countries with cycles
linked to Qatar will likely react similarly to economic disturbances affecting USA, UK, China, and France whereas countries with cycles linked to
Democratic Republic of Congo or Haiti will not share such similarity.