Author : Mr.Serhan Cevik
Publisher : International Monetary Fund
ISBN 13 : 1463927207
Total Pages : 25 pages
Book Rating : 4.4/5 (639 download)
Book Synopsis Desynchronized by : Mr.Serhan Cevik
Download or read book Desynchronized written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2011-12-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of synchronization for non-hydrocarbon GDP and constituents of aggregate demand during the period 1990-2010. By applying the Christiano-Fitzgerald asymmetric band-pass filter and a mean corrected concordance index, the paper identifies the degree of non-hydrocarbon business cycle synchronization?one of the main prerequisites for countries considering to establish a monetary union. The empirical results show low and heterogeneous synchronization in non-hydrocarbon business cycles across the GCC economies, and a decline in the degree of synchronicity in the 2000s, if Kuwait is excluded from the sample, partly because of divergent fiscal policies.