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ClubMed? Cyclical Fluctuations in the Mediterranean Basin

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  • Fabio Canova
  • Matteo Ciccarelli

Abstract

We investigate the similarities of macroeconomicfluctuations in the Mediterranean basin and their convergence. A model with three geo-political indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980. Convergence and divergence coexist in the region and are reversible. Except forn the West, domestic cyclical fluctuations are still due to national and idiosyncratic causes. The outlook for the next few years looks rosier for the MENA and the East blocks than for the West.

Suggested Citation

  • Fabio Canova & Matteo Ciccarelli, 2011. "ClubMed? Cyclical Fluctuations in the Mediterranean Basin," Working Papers 532, Barcelona Graduate School of Economics.
  • Handle: RePEc:bge:wpaper:532
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Philip Vermeulen, 2012. "Bank dependence and investment during the financial crisis," Research Bulletin, European Central Bank, vol. 17, pages 12-14.
    2. Simone Manganelli, 2012. "The impact of the Securities Markets Programme," Research Bulletin, European Central Bank, vol. 17, pages 2-5.
    3. Monica Billio & Anna Petronevich, 2017. "Dynamical Interaction Between Financial and Business Cycles," Working Papers 2017:24, Department of Economics, University of Venice "Ca' Foscari".
    4. Ansgar Belke & Christian Dreger, 2013. "The Transmission of Oil and Food Prices to Consumer Prices – Evidence for the MENA Countries," Ruhr Economic Papers 0448, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    5. Matteo Ciccarelli & Eva Ortega & Maria Teresa Valderrama, 2012. "Heterogeneity and cross-country spillovers in macroeconomic-financial linkages," Working Papers 1241, Banco de España;Working Papers Homepage.
    6. Jamie L. Cross & Chenghan Hou & Aubrey Poon, 2018. "International Transmission of Macroeconomic Uncertainty in Small Open Economies: An Empirical Approach," Working Papers No 12/2018, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    7. repec:eee:anture:v:67:y:2017:i:c:p:1-13 is not listed on IDEAS
    8. Bernd Schwaab, 2012. "Conditional probabilities and contagion measures for euro area sovereign default risk," Research Bulletin, European Central Bank, vol. 17, pages 6-11.
    9. Ductor, Lorenzo & Leiva-Leon, Danilo, 2016. "Dynamics of global business cycle interdependence," Journal of International Economics, Elsevier, vol. 102(C), pages 110-127.
    10. repec:bla:ecorec:v:94:y:2018:i:307:p:372-390 is not listed on IDEAS
    11. Ansgar Belke & Christian Dreger, 2015. "The transmission of oil and food prices to consumer prices," International Economics and Economic Policy, Springer, vol. 12(1), pages 143-161, March.
    12. Ashima Goyal & Rajeswari Sengupta & Akhilesh Verma, 2019. "External debt financing and macroeconomic instability in emerging market economies," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2019-013, Indira Gandhi Institute of Development Research, Mumbai, India.
    13. Antonakakis, Nikolaos & Chatziantoniou, Ioannis & Filis, George, 2017. "Energy consumption, CO2 emissions, and economic growth: An ethical dilemma," Renewable and Sustainable Energy Reviews, Elsevier, vol. 68(P1), pages 808-824.
    14. Antonio Pesce, 2013. "Is Decoupling in action?," ERSA conference papers ersa13p1252, European Regional Science Association.
    15. repec:zbw:rwirep:0448 is not listed on IDEAS

    More about this item

    Keywords

    Bayesian methods; Business cycles; Mediterranean basin; Developing and developed countries;

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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