International business cycle synchronization since the 1870s: Evidence from a novel network approach
Nikolaos Antonakakis,
Periklis Gogas,
Theophilos Papadimitriou and
Georgios Sarantitis ()
Physica A: Statistical Mechanics and its Applications, 2016, vol. 447, issue C, 286-296
Abstract:
In this study, we examine the issue of business cycle synchronization from a historical perspective in 27 developed and developing countries. Based on a novel complex network approach, the Threshold-Minimum Dominating Set (T-MDS), our results reveal heterogeneous patterns of international business cycle synchronization during fundamental globalization periods since the 1870s. In particular, the proposed methodology reveals that worldwide business cycles de-coupled during the Gold Standard, though they were synchronized during the Great Depression. The Bretton Woods era was associated with a lower degree of synchronization as compared to that during the Great Depression, while worldwide business cycle synchronization increased to unprecedented levels during the latest period of floating exchange rates and the Great Recession.
Keywords: Business cycle synchronization; Globalization; Complex networks; Threshold-Minimum Dominating Set (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0378437115010560
Full text for ScienceDirect subscribers only. Journal offers the option of making the article available online on Science direct for a fee of $3,000
Related works:
Working Paper: International Business Cycle Synchronization since the 1870s: Evidence from a Novel Network Approach (2015) 
Working Paper: International Business Cycle Synchronization Since the 1870s: Evidence from a Novel Network Approach (2015) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:447:y:2016:i:c:p:286-296
DOI: 10.1016/j.physa.2015.12.029
Access Statistics for this article
Physica A: Statistical Mechanics and its Applications is currently edited by K. A. Dawson, J. O. Indekeu, H.E. Stanley and C. Tsallis
More articles in Physica A: Statistical Mechanics and its Applications from Elsevier
Bibliographic data for series maintained by Catherine Liu ().