Cyclical fluctuations in the Mediterranean basin

Fabio Canova and Matteo Ciccarelli

No 1367, Working Paper Series from European Central Bank

Abstract: We investigate the similarities of macroeconomic fluctuations in the Mediterranean basin and their convergence. A model with three indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980. Convergence and divergence coexist in the region and are reversible. Except for the West, domestic cyclical fluctuations are still due to national and idiosyncratic causes. The outlook for the next few years looks rosier for the MENA and the East blocks than for the West. JEL Classification: C11, C33, E32

Keywords: Bayesian methods; business cycles; developing and developed countries; Mediterranean basin (search for similar items in EconPapers)
Date: 2011-08
New Economics Papers: this item is included in nep-ara and nep-opm
Note: 224580
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20111367

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