Please use this identifier to cite or link to this item: https://hdl.handle.net/11147/6358
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dc.contributor.authorDuran, Hasan Engin-
dc.contributor.authorFerreira-Lopes, Alexandra-
dc.date.accessioned2017-10-16T08:13:41Z
dc.date.available2017-10-16T08:13:41Z
dc.date.issued2017-03
dc.identifier.citationDuran, H. E., and Ferreira-Lopes, A. (2017). Determinants of co-movement and of lead and lag behavior of business cycles in the Eurozone. International Review of Applied Economics, 31(2), 255-282. doi:10.1080/02692171.2016.1249830en_US
dc.identifier.issn0269-2171
dc.identifier.issn0269-2171-
dc.identifier.urihttp://doi.org/10.1080/02692171.2016.1249830
dc.identifier.urihttp://hdl.handle.net/11147/6358
dc.description.abstractIn this paper we study business cycle correlations in the Eurozone and its determinants. Additionally, we also analyze the determinants of the lead and lag behavior of business cycles in the Eurozone. We explore the relevance, in the Eurozone context, using GDP and employment as the business cycle measures, of the determinants of business cycle synchronization identified in the literature, namely bilateral trade intensity, dissimilarity of labor market rigidity, dissimilarity in industrial structures, financial openness, and foreign direct investment relations. We estimate a simultaneous 4-equations model by Ordinary Least Squares (OLS) and three-stage least square to investigate empirically the above-mentioned determinants of business cycle correlation. Bilateral trade relations present a positive influence on business cycle correlations, while the dissimilarity of labor market rigidity presents a negative influence. The rest of the above-mentioned variables are non-significant. These results are robust to the use of the Hodrick–Prescott-filter and first differences as the de-trending methods, as well as the use of GDP as the business cycle measure, excluding the financial crisis years (2008 and 2009). Results for employment as the business cycle measure are in contrast with the previous ones, and found industrial dissimilarity to be the relevant variable to determine business cycles synchronization. In what concerns the determinants of the lead and lag behavior, results show that the member states of the Eurozone that usually lead the cycle are the ones that are wealthier, with strict employment legislation, more specialized in construction and finance sectors, and more prone to international capital movements. Differences in the determinants between contemporaneous business cycles and lead and lag behavior of business cycles are especially important for policy-makers in the Eurozone to know about, in particular if asymmetric shocks between countries are set in place.en_US
dc.description.sponsorshipFundacao para a Ciencia e Tecnologia (UID/GES/00315/2013)en_US
dc.language.isoenen_US
dc.publisherTaylor and Francis Ltd.en_US
dc.relation.ispartofInternational Review of Applied Economicsen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectExternal migrationen_US
dc.subjectBilateral business cycles correlationsen_US
dc.subjectLabor market flexibilityen_US
dc.subjectBusiness cyclesen_US
dc.titleDeterminants of co-movement and of lead and lag behavior of business cycles in the Eurozoneen_US
dc.typeArticleen_US
dc.authoridTR111930en_US
dc.institutionauthorDuran, Hasan Engin-
dc.departmentİzmir Institute of Technology. City and Regional Planningen_US
dc.identifier.volume31en_US
dc.identifier.issue2en_US
dc.identifier.startpage255en_US
dc.identifier.endpage282en_US
dc.identifier.wosWOS:000395054000006en_US
dc.identifier.scopus2-s2.0-84994181970en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.identifier.doi10.1080/02692171.2016.1249830-
dc.relation.doi10.1080/02692171.2016.1249830en_US
dc.coverage.doi10.1080/02692171.2016.1249830en_US
dc.identifier.scopusqualityQ3-
item.openairetypeArticle-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.fulltextWith Fulltext-
item.languageiso639-1en-
item.cerifentitytypePublications-
item.grantfulltextopen-
crisitem.author.dept02.03. Department of City and Regional Planning-
Appears in Collections:City and Regional Planning / Şehir ve Bölge Planlama
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection
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