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The hypothesis that emerging economies are decoupling from industrialised countries has aroused a lot of controversy. However, part of the problem in this debate is that it's still difficult to define and measure decoupling per se. This paper creates and calculates a precise indicator for decoupling and applies it both to the dynamics existing between advanced economies and large regions of emerging economies (Asia, Europe and Latin America), and also to the trends observed within these regions. Based on this exercise we can state that, in the last few years, the economy has tended to combine a high degree of globalisation with a tendency to reduce decoupling, although this has been affected by the Great Recession. However, the decoupling indicators calculated suggest that the Chinese cycle is starting to consolidate its position as a benchmark for emerging Asia, while the cycle in emerging Europe is becoming more synchronised with that of industrialised countries.

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