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Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America

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Author Info

  • Alexandra Ferreira-Lopes

    ()

  • Álvaro Pina

    ()

Abstract

We 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.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Article provided by Springer in its journal Open Economies Review.

Volume (Year): 22 (2011)
Issue (Month): 4 (September)
Pages: 565-592

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Handle: RePEc:kap:openec:v:22:y:2011:i:4:p:565-592

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Web page: http://www.springerlink.com/link.asp?id=100323

Related research

Keywords: European union; Canada; United States; Monetary unions; Business cycles; Fuzzy clustering; C65; E32; E42; F33;

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References

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Cited by:
  1. Degiannakis, Stavros & Duffy, David & Filis, George, 2013. "Time-varying Business Cycles Synchronisation in Europe," MPRA Paper 52925, University Library of Munich, Germany.
  2. Erden, Lutfi & Ozkan, Ibrahim, 2014. "Determinants of international transmission of business cycles to Turkish economy," Economic Modelling, Elsevier, vol. 36(C), pages 383-390.
  3. Papageorgiou, Theofanis & Michaelides, Panayotis G. & Milios, John G., 2010. "Business cycles synchronization and clustering in Europe (1960-2009)," Journal of Economics and Business, Elsevier, vol. 62(5), pages 419-470, September.

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