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Business Cycles and Comovement in Mediterranean Economies : A National and Areawide Perspective

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  • BERND SÜSSMUTH
  • ULRICH WOITEK

Abstract

This paper analyzes business cycle characteristics for a sample of eleven European, Middle East, and North African (MENA) economies in the Mediterranean region. Our frequency domain approach allows for the estimation of time-dependent spectral measures for different ranges of potential cycle length. To address the issue of synchronization, we decompose the variance for different frequency bands into an explained and an unexplained part and distinguish between in-phase and out-of-phase movements. By plotting our measures against time, we analyze changes in the similarity of the business cycle structure, as well as changes in comovement. We find (1) differences of business cycles across, and (2) changes of comovement over, the observation period between the European economies, on one hand, and the MENA economies, on the other.

Suggested Citation

  • Bernd Süssmuth & Ulrich Woitek, 2004. "Business Cycles and Comovement in Mediterranean Economies : A National and Areawide Perspective," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 40(6), pages 7-27, November.
    • Handle: RePEc:mes:emfitr:v:40:y:2004:i:6:p:7-27
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    Citations

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    Cited by:

    1. Larry Filer & David D. Selover, 2014. "Why Can Weak Linkages Cause International Stock Market Synchronization? The Mode-Locking Effect," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(3), pages 20-42, July.
    2. Lemmens, A. & Croux, C. & Dekimpe, M.G., 2007. "Consumer confidence in Europe : United in diversity," Other publications TiSEM ea8c3268-2c0b-4fcc-9d4a-6, Tilburg University, School of Economics and Management.
    3. Sadullah Çelik & Pınar Deniz, 2017. "Globalization of Consumer Confidence," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 64(3), pages 337-352, June.

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