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An Empirical Analysis of Romania’s Comovement with the Euro Zone

Author

Listed:
  • Nicolae Dardac

    (The Bucharest Academy of Economic Studies)

  • Elena Bojesteanu

    (The Bucharest Academy of Economic Studies)

Abstract

In light of adopting the euro in the near future, it is important to asses to which extent the Romanian business cycle evolves in a similar fashion with that of the euro zone. The present study is an empirical investigation of the degree of business cycle synchronization between Romania and the euro area, based on macroeconomic series that capture the cyclical features of the two economies. The results indicate that the most recent period, characterized by major economic and financial turmoil, has lead to an increase of the degree of comovement between of the Romanian economy with that of the euro area.

Suggested Citation

  • Nicolae Dardac & Elena Bojesteanu, 2009. "An Empirical Analysis of Romania’s Comovement with the Euro Zone," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(540)), pages 41-50, November.
  • Handle: RePEc:agr:journl:v:11(540):y:2009:i:11(540):p:41-50
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    Cited by:

    1. Saša Obradović & Vladimir Mihajlović, 2013. "Synchronization of Business Cycles in the Selected European Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(6), pages 759-773, December.

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