The article sheds some light on the process of measuring business cycle similarity and points out the fact that contemporary studies usually simplify this problem by measuring a simple correlation of cyclical development in GDP. The main goal is to assess the level of business cycle similarity...

We evaluate the relation between financial and trade integration in new (formerly central-planned economies) and old (developed) EU countries. Classical and moving correlation shows the strong relation in the pre-crisis period. Dynamic correlation confirms strong relation for long and business...