Business Cycle Fluctuations in Mediterranean Countries (1960-2000)
AbstractThis paper examines business cycle characteristics of Mediterranean countries using a set of macroeconomic aggregates (GDP and demand components, money, and prices) for fifteen Mediterranean countries over the 1960-2000 period. We analyze the main properties of business cycle fluctuations (persistence, volatility, asymmetry, and synchronization) and suggest that there are various regularities in the characteristics of business cycles of countries that are similar in their stage of development and/or geographical contiguity. Moreover, we investigate if comovements in aggregate time series are robust; that is, if they are common to various countries belonging to different economic levels of development, but that are geographically contiguous and with economic and historical linkages. We find similarities in terms of comovements and periodicity with respect to the GDP for consumption and investment among the aggregate demand components and, to a lesser degree, the price level and the inflation rate. On the other hand, differences among developed and developing countries of the Mediterranean region emerge, as both trade balance and policy variables are procyclical in many developing countries. Such findings may reflect the characteristics of policy making in developing countries and those countries' dependence on world demand in international trade.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.
Volume (Year): 40 (2004)
Issue (Month): 6 (November)
Contact details of provider:
Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024
business cycle indicators; comovements; Mediterranean countries;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Almeida, Pedro Cameira de & Fuinhas, José Alberto & Marques, António Cardoso, 2011.
"A assimetria dos ciclos económicos: Evidência internacional usando o teste triples
[The asymmetry of business cycles: International evidence using triples test]," MPRA Paper 35208, University Library of Munich, Germany.
- Solomos, Dionysios & Papageorgiou, Theofanis & Koumparoulis, Dimitrios, 2012. "Financial Sector and Business Cycles Determinants in the EMU context: An Empirical Approach (1996-2011)," MPRA Paper 43858, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen).
If references are entirely missing, you can add them using this form.