Has the Euro-Mediterranean partnership affected Mediterranean business cycles?

Fabio Canova and Alan Schlaepfer

No 10023, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We date turning points of the reference cycle for 19 Mediterranean countries and analyze their structure and interdependencies. Fluctuations are volatile and not highly correlated across countries; recessions are deep but asynchronous, the distribution of output losses in recessions spread out. Heterogeneities across countries and regions are substantial. Cyclical fluctuations are poorly related to trade and financial linkages. Mediterranean cycles are time varying but their evolution is not linked with the Euro-Mediterranean partnership process.

Keywords: Turning points; Reference cycles; Euro-mediterranean partnership; Trade; Financial interdependences (search for similar items in EconPapers)
JEL-codes: C32 E32 (search for similar items in EconPapers)
Date: 2014-06
New Economics Papers: this item is included in nep-mac
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Working Paper: Has the Euro-Mediterranean Partnership Affected Mediterranean Business Cycles? (2015)
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