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Has the Euro-Mediterranean partnership affected Mediterranean business cycles?

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  • Fabio Canova

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  • Alain Schlaepfer

Abstract

We date turning points of the reference cycle for 19 Mediterranean countries and analyze their structure and interdependences. Fluctuations are volatile and not highly correlated across countries; recessions are deep but asynchronous making average output losses in the area limited. Heterogeneities across countries and regions are substantial. Mediterranean cycles are time varying but their evolution is not linked with the Euro-Mediterranean partnership process. The concordance of cyclical fluctuations is poorly related to trade and financial linkages and to their evolution over time.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/1267.pdf
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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1267.

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Date of creation: Feb 2011
Date of revision: May 2012
Handle: RePEc:upf:upfgen:1267

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Web page: http://www.econ.upf.edu/

Related research

Keywords: Turning point dates; Reference cycles; Euro-Mediterranean partnership; trade and financial interdependences;

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Cited by:
  1. Adrian Pagan, 2013. "Patterns and Their Uses," NCER Working Paper Series 96, National Centre for Econometric Research.
  2. Canova, Fabio & Dallari, Pietro, 2013. "How important is tourism for the international transmission of cyclical fluctuations? Evidence from the Mediterranean," Working Paper Series 1553, European Central Bank.

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