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Economic Integration and Regional Business Cycles: Evidence from the Iberian Regions

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  • Salvador Barrios
  • Juan Jose Lucio

Abstract

This paper provides evidence of the positive impact of economic integration on EU regions' business cycles convergence by focusing on two neighbouring countries: Spain and Portugal. We show that while a rise in cross-country business cycle correlation has also been experienced by other European countries, it has been relatively more pronounced for Iberian regions. Econometric evidence suggests that the existence of an administrative border, the economic size of regions and their industrial structures can explain a substantial proportion of regional cycles. Copyright 2003 Blackwell Publishing Ltd.

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Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics and Statistics.

Volume (Year): 65 (2003)
Issue (Month): 4 (09)
Pages: 497-515

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Handle: RePEc:bla:obuest:v:65:y:2003:i:4:p:497-515

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  1. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2366, C.E.P.R. Discussion Papers.
  2. Bentolila, Samuel, 1997. "Sticky labor in Spanish regions," European Economic Review, Elsevier, Elsevier, vol. 41(3-5), pages 591-598, April.
  3. Clark, Todd E. & van Wincoop, Eric, 2001. "Borders and business cycles," Journal of International Economics, Elsevier, Elsevier, vol. 55(1), pages 59-85, October.
  4. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, Econometric Society, vol. 55(3), pages 703-08, May.
  5. Jimeno, Juan F. & Bentolila, Samuel, 1998. "Regional unemployment persistence (Spain, 1976-1994)," Labour Economics, Elsevier, Elsevier, vol. 5(1), pages 25-51, March.
  6. Blanchard, Olivier & Jimeno, Juan F, 1995. "Structural Unemployment: Spain versus Portugal," American Economic Review, American Economic Association, American Economic Association, vol. 85(2), pages 212-18, May.
  7. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(1), pages 39-69, February.
  8. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, American Economic Association, vol. 85(3), pages 615-23, June.
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Cited by:
  1. Carmen Díaz-Roldán & Oscar Bajo-Rubio, . "Vulnerability to Shocks in EMU: 1991-2004," Working Papers on International Economics and Finance 05-08, FEDEA.
  2. Thomas Walker & David Norman, 2004. "Co-movement of Australian State Business Cycles," Econometric Society 2004 Australasian Meetings, Econometric Society 334, Econometric Society.
  3. Mario Izquierdo & Omar Licandro & Alberto Maydeu, . "Car quality improvements and price indices in Spain," Working Papers 2001-18, FEDEA.
  4. Robert Dixon & David Shepherd, 2013. "Regional Dimensions of the Australian Business Cycle," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 47(2), pages 264-281, February.
  5. Gabriele Tondl & Iulia Traistaru-Siedschlag, 2006. "Regional growth cycle synchronisation with the Euro Area," Papers, Economic and Social Research Institute (ESRI) WP173, Economic and Social Research Institute (ESRI).
  6. Salá Rios, Mercé & Farré Perdiguer, Mariona & Torres Solé, Teresa, 2011. "El ciclo económico de Cataluña. Un análisis de la simetría respecto a España y a la UEM/Catalonia's Business Cycle. An Analysis of the Symmetry in Relation to Spain and the EMU," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 29, pages 913 (24 pá, Diciembre.
  7. Jürgen Bierbaumer-Polly, 2012. "Regional Business Cycles in the Austrian Economy," WIFO Monatsberichte (monthly reports), WIFO, vol. 85(11), pages 833-848, November.
  8. Goggin, Jean & Siedschlag, Iulia, 2009. "International Transmission of Business Cycles Between Ireland and its Trading Partners," Papers, Economic and Social Research Institute (ESRI) WP279, Economic and Social Research Institute (ESRI).
  9. Christian Volpe Martincus & Andrea Molinari, 2007. "Regional Business Cycles and National Economic Borders: What Are the Effects of Trade in Developing Countries?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 143(1), pages 140-178, April.
  10. Raul Filipe C. Guerreiro & Paulo C. Rodrigues & Jorge M. L. G. Andraz, 2011. "A comparison of the cyclical evolution of various geographic areas of reference with Portugal," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department, Banco de Portugal, Economics and Research Department.
  11. Andres Rodríguez-Pose & Ugo Fratesi, 2003. "Regional economic cycles and the emergence of sheltered economies in the periphery of the EU," ERSA conference papers ersa03p189, European Regional Science Association.
  12. Iulia Siedschlag & Gabriele Tondl, 2011. "Regional output growth synchronisation with the Euro Area," Empirica, Springer, Springer, vol. 38(2), pages 203-221, May.
  13. Sandra Poncet & Jean Barthélemy, 2008. "Ampleur et déterminants des cycles d’activité en Chine," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 185(4), pages 1-12.
  14. David Norman & Thomas Walker, 2004. "Co-movement of Australian State Business Cycles," RBA Research Discussion Papers, Reserve Bank of Australia rdp2004-09, Reserve Bank of Australia.
  15. Julian Ramajo & Miguel A. Marquez & Geoffrey J.D. Hewings, 2013. "Spatio-temporal Analysis of Regional Systems: A Multiregional Spatial Vector Autoregressive Model for Spain," ERSA conference papers ersa13p159, European Regional Science Association.
  16. Ageliki Anagnostou & Ioannis Panteladis & Maria Tsiapa, 2012. "Disentangling Different Patterns of Business Cycle Synchronicity in The EU Regions," ERSA conference papers ersa12p924, European Regional Science Association.
  17. Thomas A. Garrett & Gary A. Wagner & David C. Wheelock, 2005. "Regional disparities in the spatial correlation of state income growth," Working Papers, Federal Reserve Bank of St. Louis 2005-061, Federal Reserve Bank of St. Louis.
  18. Correia, L. & Gouveia, S., 2013. "Business cycle synchronisation at the regional level: evidence for the Portuguese regions," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 13(1), pages 91-104.
  19. Juergen Bierbaumer-Polly, 2012. "Regional and Sectoral Business Cycles - Key Features for the Austrian economy," EcoMod2012 4074, EcoMod.

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