Citation

Discussion Paper Details

Please find the details for DP5179 in an easy to copy and paste format below:

Full Details   |   Bibliographic Reference

Full Details

Title: Business Cycle Sychronization in the Enlarged EU

Author(s): Zsolt Darvas and György Szapáry

Publication Date: August 2005

Keyword(s): business cycle synchronization, consumption-correlation puzzle, EMU, new EU members and OCA endogeneity

Programme Area(s): International Macroeconomics

Abstract: This paper analyses the synchronization of business cycles between new and old EU members using various measures. The main findings are that Hungary, Poland and Slovenia have achieved a high degree of synchronization for GDP, industry and exports, but not for consumption and services. The other CEECs have achieved less or no synchronization. There has been significant increase in synchronization of GDP and its major components within EMU. This lends support to the argument of OCA endogeneity but there is also evidence of a world cycle. The consumption-correlation puzzle remains, but its magnitude has greatly diminished in the EMU members.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=5179

Bibliographic Reference

Darvas, Z and Szapáry, G. 2005. 'Business Cycle Sychronization in the Enlarged EU'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=5179