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Trade Integration and Business Cycle Synchronization in the Euro Area: The Case of Southern European Countries

Author

Listed:
  • Gouveia, Sofia

    (University of Trás-os-Montes and Alto Douro (UTAD))

  • Correia, Leonida

    (University of Trás-os-Montes and Alto Douro (UTAD))

Abstract

This paper examines synchronization in the euro area and the role of intra-EMU trade from 1981 to 2011, focusing in particular on southern European countries. The results indicate that the intensification of synchronisation that occurred in the nineties across almost all countries could partially be explained by the increase in trade, which has been strengthened since the start of the run-up to the EMU. For southern European economies, the results are mixed. We find also that trade imbalances have grown over time, becoming more evident in the common currency period. Furthermore, we document a positive and significant relationship between intra-EMU trade linkages and cyclical correlations.

Suggested Citation

  • Gouveia, Sofia & Correia, Leonida, 2013. "Trade Integration and Business Cycle Synchronization in the Euro Area: The Case of Southern European Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 28, pages 85-107.
    • Handle: RePEc:ris:integr:0593
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    Citations

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    Cited by:

    1. N. Antonakakis & G. Tondl, 2014. "Does integration and economic policy coordination promote business cycle synchronization in the EU?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(3), pages 541-575, August.
    2. Agnieszka Domańska & Dobrmił Serwa, 2014. "Synchronizacja cykli koniunkturalnych a podatność gospodarek krajów Europy na skutki kryzysu gospodarczego 2008-2009," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 37.
    3. Agustiar, Memet, 2019. "Indonesia’s Monetary Integration with OIC Member Countries: New Evidence," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 53(1), pages 135-144.
    4. Memet Agustiar, 2018. "The Single Currency For Islamic Nations: Do Heterogeneities Matter?," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 4(2), pages 223-236, November.
    5. Memet Agustiar, 2020. "An Assessment of Indonesia s Monetary Integration with Oil Exporter Countries in Islamic Nations: Evidence from Panel Data," International Journal of Energy Economics and Policy, Econjournals, vol. 10(1), pages 89-95.
    6. Hoang Sang Nguyen & Fabien Rondeau, 2019. "The transmission of business cycles: Lessons from the 2004 enlargement of the EU and the adoption of the euro," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 27(3), pages 729-743, July.
    7. Ntokozo Patrick Nzimande & Harold Ngalawa, 2017. "The endogeneity of business cycle synchronisation in SADC: A GMM approach," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1358914-135, January.
    8. Hasan Engin Duran & Alexandra Ferreira-Lopes, 2017. "Determinants of co-movement and of lead and lag behavior of business cycles in the Eurozone," International Review of Applied Economics, Taylor & Francis Journals, vol. 31(2), pages 255-282, March.
    9. Zeeshan Nezami Ansari & Md Mustafa & Rajendra Narayan Paramanik, 2024. "Linkages of International Business Cycle: An Euclidean Distance-Based Network Approach," Economic Research Guardian, Mutascu Publishing, vol. 14(2), pages 163-175, December.
    10. Igor Velickovski & Aleksandar Stojkov & Ivana Rajkovic, 2017. "DIS Union of the Core and the Periphery," International Journal of Economics and Financial Issues, Econjournals, vol. 7(6), pages 159-174.
    11. repec:idn:jimfjn:v:4:y:2018:i:2:p:1-14 is not listed on IDEAS

    More about this item

    Keywords

    Business Cycle; Synchronisation; Trade; European Integration; Southern Europe;
    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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