Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America

Ferreira-Lopes, Alexandra; Pina, Álvaro

doi:10.1007/s11079-009-9133-9

Cited by 14 publications

(5 citation statements)

References 26 publications

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“…As a limitation we point out the possible less robust results referring to the former Eastern German states, mainly due to the fact that this is a transition region and there are less data available, although previous studies have applied some of these techniques to the studies of business cycles in transition economies (e.g. Aruoba 2001; Boreiko 2003; Jagric and Ovin 2004; Tsangarides and Qureshi 2006; Cavalcanti 2007; Darvas and Szapáry 2008; Ferreira‐Lopes and Pina 2011).…”

Section: Discussionmentioning

confidence: 99%

Business Cycles in Reunified Germany: Closer Together or Further Apart?

Ferreira-Lopes

Sequeira

2011

Rev Urban & Reg Develop

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In this article we document the features of business cycles in German states from 1970 and 2009. Specifically, we answer the question if German states are becoming more synchronized or not. All results indicate that the synchronization of cycles is stronger inside the former Western Germany and inside the former Eastern Germany. The reunification process has had a strong influence in terms of business cycle association. However, a process of cyclical convergence has begun, although slowly, after the reunification.

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Section: Discussionmentioning

confidence: 99%

Business Cycles in Reunified Germany: Closer Together or Further Apart?

Ferreira-Lopes

Sequeira

2011

Rev Urban & Reg Develop

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“…Darvas & Szapary , Weyerstrass et al . ; Ferreira‐Lopes & Sequeira [for Swiss regions]) and the US (Carlino & Sill ; Ferreira‐Lopes & Pina ), little attention has been devoted to developing countries (Calderon et al . ).…”

Section: Introductionmentioning

confidence: 99%

Convergence of Regional Economic Cycles in Turkey

Duran

2013

Rev Urban & Reg Develop

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TurkeyDissimilar economic fluctuations and asymmetric shocks across the regions of a country might create severe policy distortions that, under these circumstances, aggregate policy interventions (such as taxation and interest rates), are likely to be sub-optimal for at least a fraction of the regions. For instance, monetary policy can hardly satisfy the needs of all regions when some of the regions are experiencing a boom while others are in a recession phase. For these reasons, similarity of regional business cycles and their convergence are highly desirable from a policy viewpoint. The aim of this paper is, therefore, to provide empirical evidence and policy implications in that context. In particular, I analyze business cycle correlations across Turkish provinces and the tendency of these cycles to converge over the period of analysis between 1975-2000 and 2004-2008 (for Nomenclature of Territorial Units for Statistics [NUTS]-2 regions). I find that regional business cycle asymmetries have tended to decrease in recent decades. This result, although it seems to provide evidence in favor of rising correlations, shows that the convergence process is rather slow and there still exist asymmetries across the regional business cycles.

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“…See, inter alia , Gogas and Kothroulas (), Ferreira‐Lopes and Pina (), Furceri and Karras (), Artis and Zhang (), Fatas (), Inklaar and de Haan ().…”

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confidence: 99%

Business Cycle Synchronization in EU: A Time‐Varying Approach

Degiannakis

Duffy

Filis

2014

Scottish J Political Eco

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This article investigates the time‐varying correlation between the EU12‐wide business cycle and the initial EU12 member‐countries based on Scalar‐BEKK and multivariate Riskmetrics model frameworks for the period 1980–2012. The paper provides evidence that changes in the business cycle synchronization correspond to major economic events that have taken place at a European level. In the main, business cycle synchronization until 2007 had moved in a direction positive for the operation of a single currency, suggesting that the common monetary policy was less costly in terms of lost flexibility at the national level. However, as a result of the Great Recession of 2007 and the subsequent Eurozone Crisis, a number of periphery countries, most notably Greece, have experienced desynchronization of their business cycles with the EU12‐wide cycle. Nevertheless, for most countries, any questions regarding the optimality and sustainability of the common currency area in Europe should not be attributed to a lack of cyclical synchronization.

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Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America

Cited by 14 publications

References 26 publications

Business Cycles in Reunified Germany: Closer Together or Further Apart?

Business Cycles in Reunified Germany: Closer Together or Further Apart?

Convergence of Regional Economic Cycles in Turkey

Business Cycle Synchronization in EU: A Time‐Varying Approach

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