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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. 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.
  2. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", Publishing House "SINERGIA PRESS", vol. 33(1), pages 125-132.
  3. Todd E. Clark & Eric van Wincoop, 1999. "Borders and business cycles," Staff Reports 91, Federal Reserve Bank of New York.
  4. Bentolila, Samuel, 1997. "Sticky labor in Spanish regions," European Economic Review, Elsevier, vol. 41(3-5), pages 591-598, April.
  5. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers.
  6. Blanchard, Olivier & Jimeno, Juan F, 1995. "Structural Unemployment: Spain versus Portugal," American Economic Review, American Economic Association, vol. 85(2), pages 212-18, May.
  7. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-23, June.
  8. Jimeno, Juan F. & Bentolila, Samuel, 1998. "Regional unemployment persistence (Spain, 1976-1994)," Labour Economics, Elsevier, vol. 5(1), pages 25-51, March.
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