Globalization vs. Europeanization: A Business Cycles Race
This paper examines the relative cyclical affiliation in six industrialized economies. While the broad conclusions are consistent with the existing literature, the proposed empirical framework is not based on correlations and permits the analysis of relative groupwise synchronization under very few assumptions. The results allow us to conclude that an English-speaking club (Canada, UK, USA) is emerging in the last decades, whereas explicit and formal commitments seem to have had a relatively weaker power in determining Euro-zone (France, Germany, Italy) business cycle comovements. Altogether, the business cycle race is a cause for concern as regards the entry of the UK into the Euro-zone. Copyright 2005 Blackwell Publishing Ltd.
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Volume (Year): 67 (2005)
Issue (Month): 3 (06)
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