Do Institutions and Culture Matter for Business Cycles?

Sumru Altug and Fabio Canova

Open Economies Review, 2014, vol. 25, issue 1, 93-122

Abstract: We examine the relationship between cyclical fluctuations and macroeconomic, institutional, and cultural indicators for 46 countries from Europe and the Mediterranean basin. In the Mediterranean cycles are different: the duration of expansions is shorter; the amplitude of recessions is larger; and cyclical synchronization is smaller than elsewhere. Differences in cultural indicators have strong and significant associations with differences in the persistence and volatility of cyclical fluctuations and their synchronization. Copyright Springer Science+Business Media New York 2014

Keywords: Business cycles; Institutions and culture; Mediterranean countries; Synchronization; JEL Classification; C32; E32 (search for similar items in EconPapers)
Date: 2014
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Related works:
Working Paper: Do Institutions and Culture Matter for Business Cycles? (2015)
Working Paper: Do Institutions and Culture Matter for Business Cycles? (2013)
Working Paper: Do Institutions and Culture Matter for Business Cycles? (2012)
Working Paper: Do institutions and culture matter for business cycles? (2012)
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DOI: 10.1007/s11079-013-9298-0

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