Economic Clubs and European Commitment. Evidence from the International Business Cycles

Maurizio Bovi ()

International Journal of Applied Econometrics and Quantitative Studies, 2005, vol. 2, issue 2, pages 101-122

Abstract: This paper examines the emergence of economic clubs and its coherence with the european commitments. to this end, it analyses business cycle comovements in six industrialised economies, which are pooled into several clusters. results lead to conclude that an english-speaking club (canada, uk, us) is emerging in the last decades, whereas explicit and formal commitments seem to have had a relatively weaker power in determining euro-zone business cycles comovements. while the broad conclusions are consistent with the existing literature the proposed empirical framework is not based on correlations testing, under very few assumptions, the relative cyclical association via the marginal homogeneity in 2x2 contingency tables.

Keywords: business cycles; synchronization; turning points; nonparametric test (search for similar items in EconPapers)
JEL-codes: C14 C33 E32 F47 (search for similar items in EconPapers)
Date: 2005
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