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Recent contributions to the business cycle literature point towards the presence of potential nonlinearities in the relationship between similarities in sectoral composition of countries and their bilateral business cycle synchronization. By using a dynamic indicator of structural change (as opposed to the traditional  static  indicators), this article attempts to identify whether the similarities in the  evolution  of structural change across countries influence their bilateral business cycle synchronization heterogeneously across quantiles. With focus on India and its  advanced  and  developing  trade partners, this article employs the quantile regression model with non-additive fixed effects to assess this relationship. While India and its advanced countries' trade partners display a homogeneous and positive relationship between the similarity in  evolution  of agriculture and industry and their bilateral business cycle synchronization, there exists a homogeneously negative relationship with respect to the service sector. Similarities in the  evolution  of the industry and the service sector between India and its developing trade partners, on the other hand, have a heterogeneous impact on their bilateral business cycle synchronization.

Dynamics of structural transformation and business cycle synchronization: a panel quantile regression approach for India