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ClubMed? Cyclical fluctuations in the Mediterranean basin

Fabio Canova () and Matteo Ciccarelli

Journal of International Economics, 2012, vol. 88, issue 1, 162-175

Abstract: We investigate macroeconomic fluctuations in the Mediterranean, their similarities and convergence. A model with four indicators, roughly covering the West, the East and the Middle East and the North Africa portions of the Mediterranean, characterizes well the historical experience since the early 1980. Idiosyncratic causes still dominate domestic cyclical fluctuations in many countries. Convergence and divergence which coexist are local and transitory. The cyclical outlook for the next few years is rosier for the East than for the West.

Keywords: Bayesian methods; Business cycles; Mediterranean basin; Developing and developed countries (search for similar items in EconPapers)
JEL-codes: C11 C33 E32 (search for similar items in EconPapers)
Date: 2012
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