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Author : Christian Gayer
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book A Fresh Look at Business Cycle Synchronisation in the Euro Area written by Christian Gayer and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcus Kappler
Publisher : Springer Science & Business Media
ISBN 13 : 3790828556
Total Pages : 197 pages
Book Rating : 4.7/5 (98 download)
Download or read book Business Cycle Synchronisation and Economic Integration written by Marcus Kappler and published by Springer Science & Business Media. This book was released on 2012-07-30 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Christos S. Savva
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (836 download)
Download or read book Business Cycle Synchronization of the Euro Area with the New and Negitiating Member Countries written by Christos S. Savva and published by . This book was released on 2007 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Silvia Palasca
Publisher : GRIN Verlag
ISBN 13 : 3656443033
Total Pages : 15 pages
Book Rating : 4.6/5 (564 download)
Download or read book Business Cycles Syncronaziation in Europe written by Silvia Palasca and published by GRIN Verlag. This book was released on 2013-06-05 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Lucrezia Reichlin
Publisher : Centre for Economic Policy Research
ISBN 13 : 1898128839
Total Pages : 103 pages
Book Rating : 4.8/5 (981 download)
Download or read book The Euro Area Business Cycle written by Lucrezia Reichlin and published by Centre for Economic Policy Research. This book was released on 2004 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1451870019
Total Pages : 51 pages
Book Rating : 4.4/5 (518 download)
Download or read book Global Business Cycles written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-06-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution of the degree of global cyclical interdependence over the period 1960-2005. We categorize the 106 countries in our sample into three groups-industrial countries, emerging markets, and other developing economies. Using a dynamic factor model, we then decompose macroeconomic fluctuations in key macroeconomic aggregates-output, consumption, and investment-into different factors. These are: (i) a global factor, which picks up fluctuations that are common across all variables and countries; (ii) three group-specific factors, which capture fluctuations that are common to all variables and all countries within each group of countries; (iii) country factors, which are common across all aggregates in a given country; and (iv) idiosyncratic factors specific to each time series. Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them.
Author : Jarko Fidrmuc
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book A Meta-analysis of Business Cycle Correlation Between the Euro Area and the CEECs written by Jarko Fidrmuc and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Author : Jarko Fidrmuc
Publisher :
ISBN 13 : 9789516868601
Total Pages : 20 pages
Book Rating : 4.8/5 (686 download)
Download or read book The euro goes East written by Jarko Fidrmuc and published by . This book was released on 2003 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Author : António Portugal Duarte
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (131 download)
Download or read book Who Will be the Next in Line to Join the Euro Area? written by António Portugal Duarte and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to investigate business cycle synchronization between seven candidate countries to the Euro Area (EA) - Bulgaria, Czech Republic, Croatia, Hungary, Poland, Romania and Sweden - and the Euro Area (EA-12/EA-19), France and Germany. The Hodrick-Prescott filter is used to decompose the real Gross Domestic Product into trend and cyclical components for the period 1995Q1-2019Q4. The results point to the existence of a strong business cycle synchronization between Sweden and the Euro Area, Germany, and France. The second highest correlation was observed for the Czech Republic followed by Hungary, Poland and Croatia. In contrast, Bulgaria and Romania show the weakest business cycle synchronization with both the Euro Area and the core economies. We conclude that Sweden is the most prepared country to be the next passenger in the single currency train from the perspective of business cycle synchronization.
Author : Stavros Antonios Degiannakis
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (13 download)
Download or read book Business Cycle Synchronisation in EU written by Stavros Antonios Degiannakis and published by . This book was released on 2018 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper 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 synchronisation correspond to major economic events that have taken place at a European level. In the main, business cycle synchronisation 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 desynchronisation 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 synchronisation.
Author : Krzysztof Beck
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Business Cycle Synchronization written by Krzysztof Beck and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Turmoil in euro area once more forces EU authorities to rethink future of further monetary integration. One of the most commonly used criterions for successful monetary in contemporary research is business cycle synchronization (BCS). Though BCS has been vastly described at country level, not as much attention has been put on the degree of BSC at regional level. Topic is important for 2 main reasons. The first is that determining degree of BCS at regional level can help in assessment of monetary policy effectiveness at country level, as well as giving point of reference for evaluation of perspective costs of participation in monetary union. The second is that there is theoretical dispute within the optimum currency areas literature between 'European Commission' and "Krugman" view that can be resolve a great deal trough regional analysis. In order to assess BCS in EU Hodrick-Prescott, as well as Christiano and Fitzgerald filter to time series of real GDP for 24 countries, 82 NUTS 1, 242 NUTS 2 and 1264 NUTS 3 regions over the period of 1998-2010. Data was later used to create bilateral measures of BSC, which gave 276 observations on country level, 3321 on NUTS 1, 29161 on NUTS 2 and 798216 on NUTS 3 level. Results of the analysis support "European Commission" view and show very high degree of BSC within EU countries. Country level analysis also reveals that within the EU there exist group of countries that could form effectively working monetary union based on BCS criterion.
Author : Carlo Di Giorgio
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Business Cycle Synchronization of CEECs with the Euro Area written by Carlo Di Giorgio and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article investigates the possible business cycle linkages between CEECs (Central and Eastern European countries) that were candidates to enter the EMU and the euro area for the period 1993 to 2014. We analyse business cycle (a)symmetries for these countries by using Markov switching autoregressive models and synchronization tests. By analysing the correlations between the cyclical fluctuations for these countries, we examine the existence of common features between the individual cycles. By distinguishing between different regimes, we show that the indications of business cycle synchronization are quite high in the recession regime, but lower in the normal and high growth regimes, with the exceptions of Hungary and Poland.
Author : Nektarios Aslanidis
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Business Cycle Synchronization Between the CEEC and the Euro-Area written by Nektarios Aslanidis and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper re-examines the issue of business cycle synchronization between the Central and East European countries (CEECs) and the Euro-area using threshold seemingly unrelated regressions. This new technique is useful in two ways. First, it takes into account contemporaneous linkages among the CEECs as well as between the CEECs and the Euro-area. Second, it captures business cycle regimes for the CEECs, which are driven by the Euro-area cycle. The methodology is applied to the three largest CEECs: Czech Republic, Hungary and Poland. The results show that while Hungary has very similar business cycle regimes to the Euro-area, the Czech Republic and particularly Poland are less synchronized.
Author : Mr.Jeffrey R. Franks
Publisher : International Monetary Fund
ISBN 13 : 1484338499
Total Pages : 47 pages
Book Rating : 4.4/5 (843 download)
Download or read book Economic Convergence in the Euro Area: Coming Together or Drifting Apart? written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Author : Nina Candice Jahnke
Publisher :
ISBN 13 :
Total Pages : 261 pages
Book Rating : 4.:/5 (2 download)
Download or read book Financial Integration and Business Cycle Synchronisation in the Euro Area written by Nina Candice Jahnke and published by . This book was released on 2008 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J. Hölscher
Publisher : Springer
ISBN 13 : 1137426411
Total Pages : 409 pages
Book Rating : 4.1/5 (374 download)
Download or read book Poland and the Eurozone written by J. Hölscher and published by Springer. This book was released on 2014-10-21 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Poland is one of Europe's economic out-performers. The country's history and geography encourage it to be in favour of deeper European integration. This book aims to contribute to discussions on the future shape of EMU and the next steps ahead.
Author : Rebeca Jiménez-Rodríguez
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Business Cycle Synchronization Between Euro Area and Central and Eastern European Countries written by Rebeca Jiménez-Rodríguez and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the degree of co-movements in real macroeconomic aggregates across selected euro area and Central and Eastern European (CEE) countries applying a multi-factor model. Our results suggest that the evolution of the global European factor matches well the narrative of main economic events between 1995 and 2011, capturing among others the recession during the recent global financial and economic crisis. This factor plays a central role in explaining real output growth variability in euro area and is negligible in CEE countries. Furthermore, using Markov switching models and concordance indices, we shed light on an increase in business cycle synchronization, with the degree of concordance between country-specific and European business cycles being high.
