This paper uses a transformation of the period-by-period index proposed by Cerqueira and Martins (<CitationRef CitationID="CR10">2009</CitationRef>), to overcome some of its shortcomings, in a non-parametric estimation to analyze how business cycle synchronization for a sample of 111 countries evolved in the period 1960–2007. The...</citationref>

This paper examines empirically the effects of the introduction of the euro on the output correlation among the member economies. The similarity of shocks affecting the members is an important condition to minimize the costs from the loss of national monetary policy implementation. Eichengreen...

Substantial evidence suggests that countries or regions with stronger trade linkages tend to have business cycles that are more synchronized. The standard international business cycle framework cannot replicate this nding. In this paper, we study a multi-country model of international trade with...

The global economy is a complex dynamical system, whose cyclical fluctuations can mainly be characterized by simultaneous recessions or expansions of major economies. Thus, the researches on the synchronization phenomenon are key to understanding and controlling the dynamics of the global...

This paper attempts to analyze the relationships between the ASEAN-5 countries' business cycles. We examine the nature of business cycles correlation trying to disentangle between regional spillover effects (expansion and recession phases among the ASEAN-5 are correlated) and global spillovers...

Based on optimal currency area (OCA) criteria, this paper is assessing the real convergence process in Romania from the Euro adoption perspective. Our findings suggest that the correlation of the business cycle in the case of Romania is one of the lowest among NMS, and the demand shocks are...

We summarize previous research on China¡¦s business cycle correlation with other countries with the help of meta-analysis techniques. We survey 71 related papers along with all the characteristics of the estimations as well as those of the authors. We confirm that especially Pacific Rim...

Turmoil in euro area once more forces EU authorities to rethink future of further monetary integration. One of the most commonly used criterions for successful monetary in contemporary research is business cycle synchronization (BCS). Though BCS has been vastly described at country level, not as...

This Selected Issues paper analyzes external shocks and business cycle fluctuations in Mexico. The paper examines the relative importance of U.S. demand shocks—and other foreign disturbances—in explaining Mexican output fluctuations. It identifies the dynamic response of...

The phenomenon of globalization has affected the business cycle synchronization in many EU countries and has increased transnational economic activities. In today’s globalized economy, foreign direct investments (FDI) and trade relations are considered to be the main vectors of globalization....