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Institutions and Business Cycles

Sumru Altug (), Mustafa Emin and Bilin Neyapti ()

No 8728, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper investigates the relationship between the main features of business cycles and the institutional and structural characteristics of countries of up to 62 industrial, emerging and formerly centrally planned economies from all continents. We derive the business cycle characteristics using the nonparametric Harding-Pagan approach. Our analysis reveals that institutional factors have significant associations with the duration and amplitude of business cycles. Examining the determinants of business cycle synchronization for the countries in our sample, we also demonstrate that the bilateral proximity of institutional and policy environments matters in addition to the gravity arguments, trade intensity and bilateral financial linkages used in earlier studies.

Keywords: business cycles; institutions; nonparametric analysis; synchronization (search for similar items in EconPapers)
JEL-codes: C32 E32 E37 (search for similar items in EconPapers)
Date: 2012-01
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Journal Article: Institutions and Business Cycles (2012) Downloads
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