Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America
AbstractWe compare Europe with the USA and Canada as regards business cycle synchronization and core-periphery patterns. A long sample (1950-2005) makes it possible to study how these aspects have evolved over time. Results support the economic viability of EMU. Average cyclical correlations among European countries have risen significantly, reaching levels close to, or even higher than, those of North American regions. Applying fuzzy clustering to the analysis of core-periphery issues, we find Europe to actually outperform North America: the core-periphery divide is milder, and peripheral status seems generally less protracted.
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Bibliographic InfoArticle provided by Springer in its journal Open Economies Review.
Volume (Year): 22 (2011)
Issue (Month): 4 (September)
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Web page: http://www.springerlink.com/link.asp?id=100323
European union; Canada; United States; Monetary unions; Business cycles; Fuzzy clustering; C65; E32; E42; F33;
Other versions of this item:
- Alexandra Ferreira Lopes & Álvaro M. Pina, 2008. "Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America," Working Papers Department of Economics 2008/21, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
- Alexandra Ferreira-Lopes & Álvaro M. Pina, 2008. "Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America," Working Papers Series 1 ercwp1908, ISCTE-IUL, Business Research Unit (BRU-IUL).
- C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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