negative, but they are also influenced most by the global financial crisis. Finally, we find a significant link between trade …

countries between 1990 and 1999. It is shown that intraindustry trade actually causes the convergence of business cycles, while … there is no direct relation between business cycles and bilateral trade intensity. As far as intraindustry trade is … positively correlated with trade, the OCA endogeneity hypothesis is confirmed, although the argumentation follows Krugman (1993 …