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Economic Integration and Regional Business Cycles: Evidence from the Iberian regions

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  • Salvador Barrios
  • Juan José de Lucio

Abstract

The present paper provides evidence on the impact of economic integration on EU regions' business cycles convergence by focusing on the Spanish and Portuguese experiences. We use quarterly as well as annual series on employment growth to show that the EU integration process has had a positive and significant influence on Iberian regional cycles' correlation. Econometric evidence suggests that the economic size of regions and their respective industrial structure can explain a substantial proportion of regional cycles. We also find that the estimates differ depending on the frequency of the data used. Both the border effect and industrial specialisation seem to have greater influence on the pattern of economic co-fluctuations when using annual rather than quarterly series.

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Paper provided by FEDEA in its series Working Papers with number 2001-17.

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Handle: RePEc:fda:fdaddt:2001-17

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  1. Blanchard, Olivier & Jimeno, Juan F, 1995. "Structural Unemployment: Spain versus Portugal," American Economic Review, American Economic Association, American Economic Association, vol. 85(2), pages 212-18, May.
  2. Bentolila, S, 1996. "Sticky Labor in Spanish Regions," Papers, Centro de Estudios Monetarios Y Financieros- 9616, Centro de Estudios Monetarios Y Financieros-.
  3. Todd E. Clark & Eric van Wincoop, 1999. "Borders and business cycles," Research Working Paper, Federal Reserve Bank of Kansas City 99-07, Federal Reserve Bank of Kansas City.
  4. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, Econometric Society, vol. 55(3), pages 703-08, May.
  5. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2366, C.E.P.R. Discussion Papers.
  6. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, American Economic Association, vol. 85(3), pages 615-23, June.
  7. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(1), pages 39-69, February.
  8. Jimeno, Juan F. & Bentolila, Samuel, 1998. "Regional unemployment persistence (Spain, 1976-1994)," Labour Economics, Elsevier, Elsevier, vol. 5(1), pages 25-51, March.
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Cited by:
  1. Raul Filipe C. Guerreiro & Paulo C. Rodrigues & Jorge M. L. G. Andraz, 2011. "A comparison of the cyclical evolution of various geographic areas of reference with Portugal," Economic Bulletin and Financial Stability Report Articles, Banco de Portugal, Economics and Research Department, Banco de Portugal, Economics and Research Department.
  2. Christian Ariel Volpe Martincus & Andrea Molinari, 2005. "Regional Business Cycles and National Economic Borders - What are the Effects of Trade in Developing Countries?," ERSA conference papers, European Regional Science Association ersa05p93, European Regional Science Association.
  3. Juergen Bierbaumer-Polly, 2012. "Regional and Sectoral Business Cycles - Key Features for the Austrian economy," EcoMod2012, EcoMod 4074, EcoMod.
  4. Gabriele Tondl & Iulia Traistaru-Siedschlag, 2006. "Regional growth cycle synchronisation with the Euro Area," Papers, Economic and Social Research Institute (ESRI) WP173, Economic and Social Research Institute (ESRI).
  5. Ageliki Anagnostou & Ioannis Panteladis & Maria Tsiapa, 2012. "Disentangling Different Patterns of Business Cycle Synchronicity in The EU Regions," ERSA conference papers, European Regional Science Association ersa12p924, European Regional Science Association.
  6. Thomas A. Garrett & Gary A. Wagner & David C. Wheelock, 2005. "Regional disparities in the spatial correlation of state income growth," Working Papers, Federal Reserve Bank of St. Louis 2005-061, Federal Reserve Bank of St. Louis.
  7. Salá Rios, Mercé & Farré Perdiguer, Mariona & Torres Solé, Teresa, 2011. "El ciclo económico de Cataluña. Un análisis de la simetría respecto a España y a la UEM/Catalonia's Business Cycle. An Analysis of the Symmetry in Relation to Spain and the EMU," Estudios de Economía Aplicada, Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 29, pages 913 (24 pá, Diciembre.
  8. Robert Dixon & David Shepherd, 2009. "Regional Dimensions of the Australian Business Cycle," Department of Economics - Working Papers Series, The University of Melbourne 1088, The University of Melbourne.
  9. Goggin, Jean & Siedschlag, Iulia, 2009. "International Transmission of Business Cycles Between Ireland and its Trading Partners," Papers, Economic and Social Research Institute (ESRI) WP279, Economic and Social Research Institute (ESRI).
  10. Mario Izquierdo & Omar Licandro & Alberto Maydeu, . "Car quality improvements and price indices in Spain," Working Papers, FEDEA 2001-18, FEDEA.
  11. Andres Rodríguez-Pose & Ugo Fratesi, 2003. "Regional economic cycles and the emergence of sheltered economies in the periphery of the EU," ERSA conference papers, European Regional Science Association ersa03p189, European Regional Science Association.
  12. Iulia Siedschlag & Gabriele Tondl, 2011. "Regional output growth synchronisation with the Euro Area," Empirica, Springer, Springer, vol. 38(2), pages 203-221, May.
  13. Correia, L. & Gouveia, S., 2013. "Business cycle synchronisation at the regional level: evidence for the Portuguese regions," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 13(1), pages 91-104.
  14. Thomas Walker & David Norman, 2004. "Co-movement of Australian State Business Cycles," Econometric Society 2004 Australasian Meetings, Econometric Society 334, Econometric Society.
  15. Carmen Díaz-Roldán & Oscar Bajo-Rubio, . "Vulnerability to Shocks in EMU: 1991-2004," Working Papers on International Economics and Finance, FEDEA 05-08, FEDEA.
  16. David Norman & Thomas Walker, 2004. "Co-movement of Australian State Business Cycles," RBA Research Discussion Papers, Reserve Bank of Australia rdp2004-09, Reserve Bank of Australia.
  17. Sandra Poncet & Jean Barthélemy, 2008. "Ampleur et déterminants des cycles d’activité en Chine," Économie et Prévision, Programme National Persée, Programme National Persée, vol. 185(4), pages 1-12.
  18. Julian Ramajo & Miguel A. Marquez & Geoffrey J.D. Hewings, 2013. "Spatio-temporal Analysis of Regional Systems: A Multiregional Spatial Vector Autoregressive Model for Spain," ERSA conference papers, European Regional Science Association ersa13p159, European Regional Science Association.
  19. Jürgen Bierbaumer-Polly, 2012. "Regional Business Cycles in the Austrian Economy," WIFO Monatsberichte (monthly reports), WIFO, WIFO, vol. 85(11), pages 833-848, November.

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