Ciclos Económicos Sincronizados y Uniones Monetarias en Centroamérica y la República Dominicana

Business Cycles Synchronisation and Monetary Union in Central American and the Dominican Republic

Alexis Cruz-Rodriguez

MPRA Paper from University Library of Munich, Germany

Abstract: This paper presents an application of the techniques of regime change (univariate and bivariate) to analyze the behavior of the business cycle in Central America, Belize, Panama, the Dominican Republic and the United States, by detecting changes in the average growth and identifying differences between contractions and expansions regarding persistence and duration. In general, periods of expansions are more persistent and longer than contractions. From an international perspective, no evidence to support the idea of a common business cycle were found. The relationship between Honduras and Panama shows a strong correlation of their business cycles. However, the correlation of these countries with the United States does not suggest a process of dollarization.

Keywords: Business cycle; regime switching models; dollarization. (search for similar items in EconPapers)
JEL-codes: E32 F33 F36 (search for similar items in EconPapers)
Date: 2005-10-01
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:72104

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