Are business cycles synchronous in CAMEU zone?

Using the generalized dynamic factor model of Forni and al. (2004), one estimates the spectral density matrix. One detects four common factors revealed by the dynamic eigenvalues within the Central African Monetary and Economic Union zone (CAMEU). This allows building a relevant indicator which is the common component of the entire CAMEU zone. Correlations between this indicator and the common component of each country reveal that the synchronization of business cycles is particularly important to the economies of Cameroon, Equatorial Guinea and Chad.