On business cycles synchronization in Europe: A note on network analysis

David Matesanz and Guillermo J. Ortega
Authors registered in the RePEc Author Service: David Matesanz Gómez ()

Physica A: Statistical Mechanics and its Applications, 2016, vol. 462, issue C, 287-296

Abstract: In this paper we examine synchronization in European business cycles from 1950 to 2013. Herein we further investigate previous and controversial results that arise from complex network analysis of this topic. By focusing on the importance of different configurations in the commonly used rolling windows and threshold significance levels, we find that selections are critical to obtaining accurate networks. Output co-movement and connectivity show no appreciable changes during the beginning of the Euro period, but rather dramatic jumps are observed since the outbreak of the global financial crisis. At this time, previous lead/lag effects disappeared and in-phase synchronization across Europe was observed.

Keywords: Correlation networks; European business cycles synchronization; MST; Lead/lags; Causality (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:462:y:2016:i:c:p:287-296

DOI: 10.1016/j.physa.2016.06.097

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