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Is there clustering among the Eurozone economies? Evidence from how the EU’s New Member States are converging

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  • Andrew Hughes Hallett
  • Christian R. Richter

Abstract

Optimal Currency Area theory stresses the importance of the co-movement of business cycles among Eurozone member states for a successful common currency. In this paper, we show how to decompose economic cycles in a time-frequency framework in order to compare the coherences and phase shifts for Hungary, Poland, Czech Republic, Germany and France. We find that there has been some convergence on the Eurozone economy at short cycle lengths, but little convergence in long cycles. We argue that this shows evidence of divergence in the Eurozone into two groups: a German cluster and the periphery economies.

Suggested Citation

  • Andrew Hughes Hallett & Christian R. Richter, 2011. "Is there clustering among the Eurozone economies? Evidence from how the EU’s New Member States are converging," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 14(2), pages 127-150.
    • Handle: RePEc:taf:jecprf:v:14:y:2011:i:2:p:127-150
    DOI: 10.1080/17487870.2011.577646
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    Cited by:

    1. Kapounek, Svatopluk & Kučerová, Zuzana, 2019. "Historical decoupling in the EU: Evidence from time-frequency analysis," International Review of Economics & Finance, Elsevier, vol. 60(C), pages 265-280.
    2. Marek Loužek & Jan SkopeČek, 2015. "Structural problems of the Czech economy," Post-Communist Economies, Taylor & Francis Journals, vol. 27(2), pages 233-246, June.
    3. Bouchouicha, Ranoua & Ftiti, Zied, 2012. "Real estate markets and the macroeconomy: A dynamic coherence framework," Economic Modelling, Elsevier, vol. 29(5), pages 1820-1829.
    4. Jarko Fidrmuc & Iikka Korhonen & Ivana Bátorová, 2013. "China in the World Economy: Dynamic Correlation Analysis of Business Cycles," CESifo Economic Studies, CESifo Group, vol. 59(2), pages 392-411, June.

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