Business Cycle Synchronisation and Economic Integration : New Evidence from the EU

Online-Ressource (VI, 193 p. 47 illus, digital)

ZEW Economic Studies ; 45

Description based upon print version of record

Business Cylce Synchronisation and Economic Integration; Table of Contents; 1 Introduction; 2 Literature Review; 2.1 Business Cycle Synchronisation and Convergence; 2.1.1 Literature on the Euro Area and New Member States; 2.1.2 Literature on the G7 and OECD Countries; 2.1.3 Literature on the Euro Area Versus Global Convergence; 2.1.4 Literature on Country Clusters; 2.1.5 Literature on Canada and the US: Lessons for the Euro Area; 2.1.6 Literature on Identifying Business Cycle Shocks; 2.1.6.1 Structural and Global VAR Models; 2.1.6.2 Factor Models

2.1.7 Literature on Risk Sharing and Fiscal Federalism2.2 Determinants of Business Cycle Synchronisation; 2.2.1 Trade Integration; 2.2.2 Currency Unions and Monetary Integration; 2.2.3 Fiscal Policy; 2.2.4 Sectoral Structure; 2.2.5 Financial Market Integration; 2.2.6 Gravity Variables and Other Indicators; 3 Descriptive Analysis; 3.1 Methods for Estimating the Cycle; 3.2 Methods for Measuring Synchronicity; 3.3 Cycle Measures for Euro Area GDP; 3.4 Stylised Facts on Synchronisation in the Euro Area; 3.4.1 A Statistical Test of Convergence

3.5 Stylised Facts on Synchronisation in Non-Euro Area Countries3.5.1 Regional Integration: The Euro Area; 3.5.2 Other EU Countries: Synchronisation but at a Lower Level; 3.5.3 The Euro Area and Global Convergence; 3.6 Coherence, Phase Effects and Dynamic Correlations; 3.7 Macroeconomic Convergence beyond GDP Cycles; 3.7.1 Business Cycle Persistence; 3.7.2 Inflation, Output Growth and Shocks; 3.8 Cluster Analysis; 3.8.1 Methodology; 3.8.2 Empirical Results; 3.9 Synchronisation and Convergence Within the US; 3.10 Concluding Remarks; 4 Determinants of Business Cycle Synchronisation

4.1 Financial Market Integration and Synchronisation4.1.1 Measuring Financial Integration; 4.1.2 Empirical Method; 4.1.2.1 Empirical Models and Estimation Strategy; 4.1.2.2 Data and Variables; 4.1.3 Results; 4.1.3.1 Baseline Results; 4.1.3.2 Financial Market Integration: Is There a Euro Effect?; 4.1.3.3 Multiple Dimensions of Financial Market Integration; 4.1.4 Concluding Remarks; 4.2 Structural Reforms in the Euro Area; 4.2.1 Empirical Evidence; 4.2.2 Data and Definition of Variables; 4.2.2.1 Description of Institutional Structures; 4.2.2.2 Measuring Institutional Similarity and Change

4.2.2.3 Business Cycle Synchronisation4.2.2.4 Control Variables; 4.2.2.5 Additional Determinants of Synchronisation; 4.2.3 Empirical Strategy; 4.2.4 Results; 4.2.4.1 Contemporaneous Institutional Variables; 4.2.4.2 Lagged Institutional Variables; 4.2.4.3 Additional Determinants; 4.2.4.4 Sensitivity Analysis; 4.2.5 Concluding Remarks; 5 Shock Propagation Mechanisms and Business Cycle Convergence; 5.1 Structural Vector Autoregression Models; 5.1.1 Confronting the Estimated Structural Shocks; 5.1.2 Confronting the Estimated Dynamic Responses to Shocks

5.1.3 Confronting Shares of Global and Country-Specific Shocks

10.1007/978-3-7908-2855-9 [DOI]

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