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Business Cycles Synchronization: Literature Review

Author

Listed:
  • Chrysostomos Stoforos

    (Department of Economic and Regional Development, Panteion University of Social and Political Sciences, Athens, Greece)

  • Stavros Degiannakis

    (Department of Economic and Regional Development, Panteion University of Social and Political Sciences, Athens, Greece)

  • Panagiotis Delis

    (Department of Economic and Regional Development, Panteion University of Social and Political Sciences, Athens, Greece)

  • George Filis

    (Department of Economics, University of Patras, Rio, Greece)

  • Theodosios Palaskas

    (Department of Economic and Regional Development, Panteion University of Social and Political Sciences, Athens, Greece)

Abstract

Following the seminal paper on Optimum Currency Areas (OCA) by Mundell (1961) a wealth of literature has been published on the business cycles synchronisation and its main determinants. This work provides a systematic review of this research field both at country-level synchronization and regional level. The paper aims to evaluate the contribution of the related literature’s methodologies to the measurement of the business cycle and the estimation of the level of synchronization. The discussion of the collected papers is expected to substantially assist researchers, practitioners, and policy makers keen to employ themselves in the area of business cycles synchronisation.

Suggested Citation

  • Chrysostomos Stoforos & Stavros Degiannakis & Panagiotis Delis & George Filis & Theodosios Palaskas, 2024. "Business Cycles Synchronization: Literature Review," Journal of Economic Analysis, Anser Press, vol. 3(4), pages 222-249, December.
    • Handle: RePEc:bba:j00001:v:3:y:2024:i:4:p:222-249:d:306
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    References listed on IDEAS

    as
    1. Dionysios Chionis & Fotios Mitropoulos & Antonios Sarantidis, 2021. "Business cycles and macroeconomic asymmetries: New evidence from Eurozone and European countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5977-5996, October.
    2. M. Ayhan Kose & Eswar S. Prasad & Marco E. Terrones, 2003. "How Does Globalization Affect the Synchronization of Business Cycles?," American Economic Review, American Economic Association, vol. 93(2), pages 57-62, May.
    3. Lange, Ronald H., 2017. "Regional Business Cycles in Canada: A Regime-Switching VAR Approach," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 47(01).
    4. Lourdes Montoya & Jakob Haan, 2008. "Regional business cycle synchronization in Europe?," International Economics and Economic Policy, Springer, vol. 5(1), pages 123-137, July.
    5. Dufrénot, Gilles & Keddad, Benjamin, 2014. "Business cycles synchronization in East Asia: A Markov-switching approach," Economic Modelling, Elsevier, vol. 42(C), pages 186-197.
    6. M. Ayhan Kose & Christopher Otrok & Charles H. Whiteman, 2003. "International Business Cycles: World, Region, and Country-Specific Factors," American Economic Review, American Economic Association, vol. 93(4), pages 1216-1239, September.
    7. D. Furceri & G. Karras, 2008. "Business-cycle synchronization in the EMU," Applied Economics, Taylor & Francis Journals, vol. 40(12), pages 1491-1501.
    8. Salvador Barrios & Juan José de Lucio, 2003. "Economic Integration and Regional Business Cycles: Evidence from the Iberian Regions," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(4), pages 497-515, September.
    9. Sofia Gouveia, 2014. "Business cycle correlation between the Euro area and the Balkan countries," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 7(1), pages 33-49, April.
    10. Grigoraş, Veaceslav & Stanciu, Irina Eusignia, 2016. "New evidence on the (de)synchronisation of business cycles: Reshaping the European business cycle," International Economics, Elsevier, vol. 147(C), pages 27-52.
    11. Nauro F. Campos & Jarko Fidrmuc & Iikka Korhonen, 2017. "Business Cycle Synchronisation in a Currency Union: Taking Stock of the Evidence," GRU Working Paper Series GRU_2017_017, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    12. María Dolores Gadea-Rivas & Ana Gómez-Loscos & Danilo Leiva-Leon, 2017. "The evolution of regional economic interlinkages in Europe," Working Papers 1705, Banco de España.
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    Cited by:

    1. Minyahil Alemu & Jayamohan M.K. & Wondaferahu Mulugeta, 2025. "Structural dependencies in African economies: business cycle synchronization and spillover effects," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 161(4), pages 1527-1572, November.
    2. Faik Bilgili & Aweng Peter Majok Garang & Yacouba Kassouri & Sevda Kuşkaya, 2026. "Evaluating the transition to the east african monetary union through monetary transmission mechanisms," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-39, December.
    3. Mariem Bouattour & Kamel Helali, 2025. "Investigating the Synchronization of Business and Growth Cycles in Maghreb Countries: A Dynamic MS‐BVAR Analysis," African Development Review, African Development Bank, vol. 37(2), June.

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