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Business cycle synchronization between Central and Eastern European countries and the Euro Zone

Author

Listed:
  • Bogdan MURARAȘU

    (Bucharest University of Economic Studies, Romania)

  • Alina BOBAȘU

    (Bucharest University of Economic Studies, Romania)

Abstract

This paper assesses the degree of business cycle synchronization between a group of Central and Eastern European (CEE) emerging economies and the Euro Zone in the context of the integration in the monetary union. The investigation is important in light of euro area integration of new member states, as well as for providing policy recommendations with respect to mitigation of macroeconomic fluctuation transmission. Therefore a very complex analysis must be conducted in terms of costs and benefits, both from the view of the candidate as well as from the monetary union’s perspective. The results point towards a high degree of correlation with Euro Zone in terms of business cycle for some emerging economies in the Central and East Europe, like the Czech Republic and Hungary, while Romania seems to be among the countries least correlated. Nevertheless, the countries seem to have experienced a high degree of correlation during the crisis, especially when the turbulent economic developments reached their peak.

Suggested Citation

  • Bogdan MURARAȘU & Alina BOBAȘU, 2015. "Business cycle synchronization between Central and Eastern European countries and the Euro Zone," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(Special(I), pages 292-303.
  • Handle: RePEc:agr:journl:v:xxii:y:2015:i:special(ii):p:292-303
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