Business cycle synchronization of the Visegrad Four and the European Union

Luboš Hanus and Lukas Vacha

No 2015/19, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: In this paper, we map the process of synchronization of the Visegrad Four within the framework of the European Union using wavelet techniques. We show that the relationship of among countries is dynamic and that it varies over time and across frequencies. We study the synchronization applying the wavelet cohesion measure with time-varying weights. This novel approach allows us to study the dynamic relationship among countries from a different perspective than the usual time-domain models. Analyzing monthly data from 1990 to 2014, the results for the Visegrad region show an increasing co-movement with the European Union after the countries began preparing for accession to the European Union. Participation in a currency union possibly increases the co-movement. Furthermore, we find a high degree of synchronization in long-term horizons by analyzing the Visegrad Four and Southern European countries' synchronization with the core countries of the European Union.

Keywords: business cycle synchronization; time-frequency; wavelets; co-movement; Visegrad Four; European Union (search for similar items in EconPapers)
JEL-codes: C40 E32 F15 (search for similar items in EconPapers)
Pages: 24pages
Date: 2015-07, Revised 2015-07
New Economics Papers: this item is included in nep-eec and nep-mac
References: Add references at CitEc
Citations: View citations in EconPapers (2)

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Working Paper: Business cycle synchronization of the Visegrad Four and the European Union (2015)
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