On Business Cycles Synchronization -- Some directions for the EurAsia
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10174/23608 https://doi.org/10.15604/ejef.2018.06.03.002 |
Resumo: | The synchronization of business cycles is strictly related with the functioning conditions in the currency areas. Being a general requirement for membership in such an area, the synchronization of business cycles was probed by the view that, in any case, it would result from the very operation of the optimal currency zone. For Eurasia as a broad context, the European perspective seems to be important. For instance, the experience of a formal economic union such as the one that has existed in Europe since 1999 could be harnessed to better understand the challenges that a union of this kind might face in Eurasia, just as the one that has recently been constituted. The article considers this approach, through the analysis of the evolution of the synchronization of business cycles, as a relevant element in the (smooth) functioning of any economic and monetary union. Taking this into account, we consider a reasonably long time period (1990-2016) and a large sample of countries (50), i.e. all those integrated into some kind of formal economic union existing in this relevant geopolitical region, namely the European Union (EU) and the Eurasian Economic Union (EAEU), as well as 17 non-integrated countries, as a control group. In what concerns the results, during the 1990-1998 period, the degree of business cycles synchronization was, in general, fairly low, even for countries already integrated in an economic community. The degree of synchronization of business cycles has, generally, fairly increased in the period 1999-2007, notably in European countries (not in the EU alone). Finally, in the period 2008-2016, which includes the recent global financial crisis, there was a broad decline in the synchronization of business cycles, which was not so obvious for the countries integrated in a formal economic union. In fact, it seems to be possible to conclude that belonging to a union of this kind is a crucial prerequisite for the inexistence of evidently idiosyncratic business cycles. |
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On Business Cycles Synchronization -- Some directions for the EurAsiaBusiness CyclesEurAsiaEurasian Economic UnionEuropean UnionThe synchronization of business cycles is strictly related with the functioning conditions in the currency areas. Being a general requirement for membership in such an area, the synchronization of business cycles was probed by the view that, in any case, it would result from the very operation of the optimal currency zone. For Eurasia as a broad context, the European perspective seems to be important. For instance, the experience of a formal economic union such as the one that has existed in Europe since 1999 could be harnessed to better understand the challenges that a union of this kind might face in Eurasia, just as the one that has recently been constituted. The article considers this approach, through the analysis of the evolution of the synchronization of business cycles, as a relevant element in the (smooth) functioning of any economic and monetary union. Taking this into account, we consider a reasonably long time period (1990-2016) and a large sample of countries (50), i.e. all those integrated into some kind of formal economic union existing in this relevant geopolitical region, namely the European Union (EU) and the Eurasian Economic Union (EAEU), as well as 17 non-integrated countries, as a control group. In what concerns the results, during the 1990-1998 period, the degree of business cycles synchronization was, in general, fairly low, even for countries already integrated in an economic community. The degree of synchronization of business cycles has, generally, fairly increased in the period 1999-2007, notably in European countries (not in the EU alone). Finally, in the period 2008-2016, which includes the recent global financial crisis, there was a broad decline in the synchronization of business cycles, which was not so obvious for the countries integrated in a formal economic union. In fact, it seems to be possible to conclude that belonging to a union of this kind is a crucial prerequisite for the inexistence of evidently idiosyncratic business cycles.2018-10-12T16:36:03Z2018-10-122018-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/23608http://hdl.handle.net/10174/23608https://doi.org/10.15604/ejef.2018.06.03.002engCaetano, José Manuel; Caleiro, António Bento (2018), "On Business Cycles Synchronization -- Some directions for the EurAsia", Eurasian Journal of Economics and Finance, 6(3),13-33.https://eurasianpublications.com/Eurasian-Journal-of-Economics-and-Finance/Vol.-6-No.3-2018/EJEF-2.pdfCEFAGE - Artigos em Revistas Internacionais com Arbitragem Científicajcaetano@uevora.ptcaleiro@uevora.pt640Caetano, José ManuelCaleiro, António Bentoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-03T19:15:52Zoai:dspace.uevora.pt:10174/23608Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:14:25.101412Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
On Business Cycles Synchronization -- Some directions for the EurAsia |
title |
On Business Cycles Synchronization -- Some directions for the EurAsia |
spellingShingle |
On Business Cycles Synchronization -- Some directions for the EurAsia Caetano, José Manuel Business Cycles EurAsia Eurasian Economic Union European Union |
title_short |
On Business Cycles Synchronization -- Some directions for the EurAsia |
title_full |
On Business Cycles Synchronization -- Some directions for the EurAsia |
title_fullStr |
On Business Cycles Synchronization -- Some directions for the EurAsia |
title_full_unstemmed |
On Business Cycles Synchronization -- Some directions for the EurAsia |
title_sort |
On Business Cycles Synchronization -- Some directions for the EurAsia |
author |
Caetano, José Manuel |
author_facet |
Caetano, José Manuel Caleiro, António Bento |
author_role |
author |
author2 |
Caleiro, António Bento |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Caetano, José Manuel Caleiro, António Bento |
dc.subject.por.fl_str_mv |
Business Cycles EurAsia Eurasian Economic Union European Union |
topic |
Business Cycles EurAsia Eurasian Economic Union European Union |
description |
The synchronization of business cycles is strictly related with the functioning conditions in the currency areas. Being a general requirement for membership in such an area, the synchronization of business cycles was probed by the view that, in any case, it would result from the very operation of the optimal currency zone. For Eurasia as a broad context, the European perspective seems to be important. For instance, the experience of a formal economic union such as the one that has existed in Europe since 1999 could be harnessed to better understand the challenges that a union of this kind might face in Eurasia, just as the one that has recently been constituted. The article considers this approach, through the analysis of the evolution of the synchronization of business cycles, as a relevant element in the (smooth) functioning of any economic and monetary union. Taking this into account, we consider a reasonably long time period (1990-2016) and a large sample of countries (50), i.e. all those integrated into some kind of formal economic union existing in this relevant geopolitical region, namely the European Union (EU) and the Eurasian Economic Union (EAEU), as well as 17 non-integrated countries, as a control group. In what concerns the results, during the 1990-1998 period, the degree of business cycles synchronization was, in general, fairly low, even for countries already integrated in an economic community. The degree of synchronization of business cycles has, generally, fairly increased in the period 1999-2007, notably in European countries (not in the EU alone). Finally, in the period 2008-2016, which includes the recent global financial crisis, there was a broad decline in the synchronization of business cycles, which was not so obvious for the countries integrated in a formal economic union. In fact, it seems to be possible to conclude that belonging to a union of this kind is a crucial prerequisite for the inexistence of evidently idiosyncratic business cycles. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-10-12T16:36:03Z 2018-10-12 2018-10-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10174/23608 http://hdl.handle.net/10174/23608 https://doi.org/10.15604/ejef.2018.06.03.002 |
url |
http://hdl.handle.net/10174/23608 https://doi.org/10.15604/ejef.2018.06.03.002 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Caetano, José Manuel; Caleiro, António Bento (2018), "On Business Cycles Synchronization -- Some directions for the EurAsia", Eurasian Journal of Economics and Finance, 6(3),13-33. https://eurasianpublications.com/Eurasian-Journal-of-Economics-and-Finance/Vol.-6-No.3-2018/EJEF-2.pdf CEFAGE - Artigos em Revistas Internacionais com Arbitragem Científica jcaetano@uevora.pt caleiro@uevora.pt 640 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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