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Business Cycle Synchronization Between Romania And The Euro Area. A Fresh Look In View Of The Recent Crisis

Author

Listed:
  • ALEXE Ileana

    (Academy of Economic Studies, Bucharest)

  • TATOMIR Cristina Flavia

    (Academy of Economic Studies, Bucharest)

Abstract

This paper examines the degree of business cycles synchronization between Romania and the Euro area, by using Germany as a benchmark for the area economic cycle. The period of the study is 2000 - 2011, with a special emphasis on the recent economic and financial crisis. Using the Hodrick-Prescott filter, we find important, but decreasing correlations in times of crisis in the level of GDP. Furthermore, the analysis by GDP components reveals that private consumption remains the least correlated with the Euro area, while foreign trade is highly correlated and its synchronization even increased during the recent crisis.

Suggested Citation

  • ALEXE Ileana & TATOMIR Cristina Flavia, 2012. "Business Cycle Synchronization Between Romania And The Euro Area. A Fresh Look In View Of The Recent Crisis," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 0(1), pages 9-18.
    • Handle: RePEc:blg:reveco:v:supplement:y:2012:i:1:p:9-18
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    File URL: http://economice.ulbsibiu.ro/revista.economica/archive/suplimente/Volume1-2012.pdf
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    More about this item

    Keywords

    Optimum currency area; Business cycle synchronization; Romania; Euro area; Crisis;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F15 - International Economics - - Trade - - - Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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