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International transmission of medium-term technology cycles: Evidence from Spain as a recipient country


  • Monica Correa Lopez
  • Beatriz De Blas


This paper documents stylized facts of international medium-term business cycles by exploring the pattern of comovement between a catching-up economy, Spain, and each of the obvious candidate countries to technological leadership of the 1950-2007 period, the U.S., France, Germany, Italy and the U.K. A remarkable feature of the international medium-term business cycle is the strong, positive lead displayed by the U.S. technology and terms of trade cycles over Spain\\\'s macroeconomic aggregates. The corresponding evidence when the counterpart to Spain is a large European economy is weaker, particularly in the case of Europe\\\'s medium-term technology cycles. Nonparametric tests results suggest that, over the medium-term cycle, a shift towards more economic integration may not necessarily be associated with increased international comovement.

Suggested Citation

  • Monica Correa Lopez & Beatriz De Blas, 2011. "International transmission of medium-term technology cycles: Evidence from Spain as a recipient country," Working Papers 1132, BBVA Bank, Economic Research Department.
  • Handle: RePEc:bbv:wpaper:1132

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    References listed on IDEAS

    1. Angel De la Fuente & Jose Emilio Bosca, 2011. "Gasto educativo por regiones y niveles en 2005," Working Papers 1119, BBVA Bank, Economic Research Department.
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    More about this item


    Medium-term business cycles; Stylized facts; International comovement; Technology diffusion;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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