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Financial Integration and Economic Synchronisation (Theoretical Analysis)

Author

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  • Iliya Kutsarov

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

This study examines various mechanisms for the linkage between financial integration and business cycle synchronization. The present study advocates that changes in capital demand lead to divergence while shocks in the integrated financial system cause synchronization. Based on this differentiation the study derives indicators that determine the tendency for synchronization or divergence.

Suggested Citation

  • Iliya Kutsarov, 2019. "Financial Integration and Economic Synchronisation (Theoretical Analysis)," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 5, pages 339-349, December.
    • Handle: RePEc:nwe:natrud:y:2019:i:5:p:339-349
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    File URL: http://unwe-research-papers.org/bg/journalissues/article/10223
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    More about this item

    Keywords

    financial integration; business cycles synchronization; business cycles divergence;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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