Business Cycle Synchronization in the Enlarged EU
Author | : Zsolt M. Darvas |
Publisher | : |
Total Pages | : 47 |
Release | : 2005 |
Genre | : Business cycles |
ISBN | : |
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Author | : Zsolt M. Darvas |
Publisher | : |
Total Pages | : 47 |
Release | : 2005 |
Genre | : Business cycles |
ISBN | : |
Author | : Dimitrios Asteriou |
Publisher | : |
Total Pages | : 0 |
Release | : 2015 |
Genre | : |
ISBN | : |
The aim of this paper is to investigate the determinants of business cycle (BC) synchronization across 21 (old and new) countries of the enlarged European Union (EU). It utilizes international data to evaluate the linkages among bilateral trade in goods, bilateral foreign direct investment (FDI) flows and BC co-movements. The paper contributes to the current literature by examining the relationship using the latest available data (sample range: 1998-2011), and thus taking into account the European sovereign debt crisis period. It also examines the role of FDI, which though increasingly important in the flows of international production factors, is currently neglected by the literature. Preliminary results show that FDI has no direct effect on BC synchronization while international trade helps to synchronize BCs but only before the recent financial crisis (pre-2008) and only for the traditional EU countries.
Author | : Marcus Kappler |
Publisher | : Springer Science & Business Media |
Total Pages | : 197 |
Release | : 2012-07-30 |
Genre | : Business & Economics |
ISBN | : 3790828556 |
This book offers the reader a state-of-the-art overview on theory and empirics of business cycle synchronisation, structural reform and economic integration. Focusing on the ongoing integration process in the euro area and the EU, it analyses the integration process that has taken place since the 1980s and which is marked by the advent of the euro and the substantial enlargement that resulted from the accession of 12 new Member States in East and Southern Europe.
Author | : Silvia Palasca |
Publisher | : GRIN Verlag |
Total Pages | : 15 |
Release | : 2013-06-05 |
Genre | : Business & Economics |
ISBN | : 3656443033 |
Essay from the year 2013 in the subject Economics - Monetary theory and policy, Alexandru Ioan Cuza University of Iasi, language: English, abstract: The European Union sets the premises for the appearance of a new phenomenon in the global economic setting: the synchronization of the national business cycles. The aim of this article is to statistically prove the existence of a Euro are business cycle through the study of a classic indicator- the annual change of the GDP and also through the use of foreign trade indicators-the annual changes in exports in imports. Also, it is important, at the end, to choose the best of these indicators or a combination thereof to use as a benchmark for further studies. The empiric study is useful to classify the European countries in clusters according to synchronization, a first step in adopting common policies.
Author | : Zsolt M. Darvas |
Publisher | : |
Total Pages | : 55 |
Release | : 2004 |
Genre | : |
ISBN | : 9789290794806 |
Author | : Jürgen Bierbaumer-Polly |
Publisher | : |
Total Pages | : 0 |
Release | : 2016 |
Genre | : |
ISBN | : |
We examine the effects of Eastern and Northern enlargement of the EU on regional business-cycle synchronization and sector specialization. Difference-in-difference estimates show that cyclical synchronicity decreased and differences in sector structure increased in acceding region-pairs after Eastern enlargement. For Northern enlargement, results are more ambiguous. Moreover, in both enlargement episodes, region-pairs with highly synchronous business cycles before accession experienced weaker cyclical and structural convergence than region-pairs with less synchronous cycles. Likewise, region-pairs with more similar sector structures before accession experienced stronger divergence (or weaker convergence) of structural similarity and business-cycle synchronicity after the enlargement. We argue that these results call for developing more differentiated hypotheses on EU enlargement's effects on business-cycle synchronization and sector specialization.
Author | : Eric Monnet |
Publisher | : International Monetary Fund |
Total Pages | : 55 |
Release | : 2016-03-08 |
Genre | : Business & Economics |
ISBN | : 1513566431 |
This paper assesses the strength of business cycle synchronization between 1950 and 2014 in a sample of 21 countries using a new quarterly dataset based on IMF archival data. Contrary to the common wisdom, we find that the globalization period is not associated with more output synchronization at the global level. The world business cycle was as strong during Bretton Woods (1950-1971) than during the Globalization period (1984-2006). Although globalization did not affect the average level of co-movement, trade and financial integration strongly affect the way countries co-move with the rest of the world. We find that financial integration de-synchronizes national outputs from the world cycle, although the magnitude of this effect depends crucially on the type of shocks hitting the world economy. This de-synchronizing effect has offset the synchronizing impact of other forces, such as increased trade integration.