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Business Cycle Synchronization between the European Union and Korea

Author

Listed:
  • An, Jiyoun

    (Kyung Hee University)

  • Huh, In

    (The Catholic University of Korea)

Abstract

In the recent 20 years, the capital flows between Korea and European Union have increased and diversified. In particular, the business cycles of two economies have shown similar patterns since the Global Financial Crisis. This study examines both trends and investigates the roles of finance and trade on business cycle co-movements between two economies. The empirical results show that the business cycles can diverge due to either the common shocks or the country-specific shocks. Furthermore, financial integration increases the business cycle co-movements driven by both the country-specific shocks and the common shocks between two economies.

Suggested Citation

  • An, Jiyoun & Huh, In, 2023. "Business Cycle Synchronization between the European Union and Korea," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 27(4), pages 327-346, December.
    • Handle: RePEc:ris:eaerev:0427
    DOI: 10.11644/KIEP.EAER.2023.27.4.427
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    More about this item

    Keywords

    Synchronization; Financial Integration; EU; Korea;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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