Globalization vs. Europeanization: A Business Cycles Race
AbstractThis paper examines the relative cyclical affiliation in six industrialized economies. While the broad conclusions are consistent with the existing literature, the proposed empirical framework is not based on correlations and permits the analysis of relative groupwise synchronization under very few assumptions. The results allow us to conclude that an English-speaking club (Canada, UK, USA) is emerging in the last decades, whereas explicit and formal commitments seem to have had a relatively weaker power in determining Euro-zone (France, Germany, Italy) business cycle comovements. Altogether, the business cycle race is a cause for concern as regards the entry of the UK into the Euro-zone. Copyright 2005 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.
Volume (Year): 67 (2005)
Issue (Month): 3 (06)
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- Bovi, M., 2005. "Economic Clubs and European Commitment. Evidence from the International Business Cycles," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 2(2), pages 101-122.
- Michael Artis & Toshihiro Okubo, 2008.
"Globalization and Business Cycle Transmission,"
Discussion Paper Series
232, Research Institute for Economics & Business Administration, Kobe University.
- Artis, Michael & Okubo, Toshihiro, 2009. "Globalization and business cycle transmission," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 91-99, August.
- Michael Artis & Toshihiro Okubo, 2008. "Globalization and Business Cycle Transmission," Centre for Growth and Business Cycle Research Discussion Paper Series 110, Economics, The Univeristy of Manchester.
- Artis, Michael J & Okubo, Toshihiro, 2008. "Globalization and Business Cycle Transmission," CEPR Discussion Papers 7041, C.E.P.R. Discussion Papers.
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