Paper #1267

Títol:

Has the Euro-Mediterranean partnership affected Mediterranean business cycles?

Autors:

Fabio Canova i Alain Schlaepfer

Data:

Febrer 2011 (Revisió: Maig 2012)

Resum:

We date turning points of the reference cycle for 19 Mediterranean countries and analyze their structure and interdependences. Fluctuations are volatile and not highly correlated across countries; recessions are deep but asynchronous making average output losses in the area limited. Heterogeneities across countries and regions are substantial. Mediterranean cycles are time varying but their evolution is not linked with the Euro-Mediterranean partnership process. The concordance of cyclical fluctuations is poorly related to trade and financial linkages and to their evolution over time.

Paraules clau:

Turning point dates, Reference cycles, Euro-Mediterranean partnership, trade and financial interdependences

Codis JEL:

E32, C32

Àrea de Recerca:

Macroeconomia i Economia Internacional

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