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International Business Cycle Synchronization since the 1870s: Evidence from a Novel Network Approach

Nikolaos Antonakakis, Periklis Gogas (), Theophilos Papadimitriou () and Georgios Sarantitis ()

MPRA Paper from University Library of Munich, Germany

Abstract: In this study, we examine the issue of business cycle synchronization from a historical perspective in 27 developed and developing countries. Based on a novel complex network approach, the Threshold-Minimum Dominating Set (T-MDS), our results reveal heterogeneous patterns of international business cycle synchronization during fundamental globalization periods since the 1870s. In particular, the proposed methodology reveals that worldwide business cycles de-coupled during the Gold Standard, though they were synchronized during the Great Depression. The Bretton Woods era was associated with a lower degree of synchronization as compared to that during the Great Depression, while worldwide business cycle synchronization increased to unprecedented levels during the latest period of floating exchange rates and the Great Recession.

Keywords: Business cycle synchronization; Globalisation; Complex networks; Threshold-Minimum Dominating Set (search for similar items in EconPapers)
JEL-codes: E3 E32 F44 N10 O47 (search for similar items in EconPapers)
Date: 2015-10-14
New Economics Papers: this item is included in nep-his and nep-mac
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Journal Article: International business cycle synchronization since the 1870s: Evidence from a novel network approach (2016) Downloads
Working Paper: International Business Cycle Synchronization Since the 1870s: Evidence from a Novel Network Approach (2015) Downloads
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