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Are business cycles synchronous in CAMEU zone?

Author

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  • Ekomie , Jean-Jacques Tony Ekomie

    (International Research Center in Economics and Management for Development, Omar Bongo University, Libreville, Gabon)

Abstract

Using the generalized dynamic factor model of Forni and al. (2004), one estimates the spectral density matrix. One detects four common factors revealed by the dynamic eigenvalues within the Central African Monetary and Economic Union zone (CAMEU). This allows building a relevant indicator which is the common component of the entire CAMEU zone. Correlations between this indicator and the common component of each country reveal that the synchronization of business cycles is particularly important to the economies of Cameroon, Equatorial Guinea and Chad.

Suggested Citation

  • Ekomie , Jean-Jacques Tony Ekomie, 2014. "Are business cycles synchronous in CAMEU zone?," European Economic Letters, European Economics Letters Group, vol. 3(2), pages 51-56.
    • Handle: RePEc:ris:eueclt:0029
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    More about this item

    Keywords

    Generalized Dynamic Factor Models; Business Cycles Synchronization; CAMEU;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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