CURRENCY UNION, FREE-TRADE AREAS, AND BUSINESS CYCLE SYNCHRONIZATION

Autor:	Pierangelo De Pace
Rok vydání:	2013
Předmět:	Economic integration Currency union Economics and Econometrics Financial integration Econometrics Economics Nonparametric statistics International business Business cycle synchronization Enforcement Free trade Stationary bootstrap Statistical hypothesis testing
Zdroj:	Macroeconomic Dynamics. 17:646-680
ISSN:	1469-8056 1365-1005
DOI:	10.1017/s1365100511000423
Popis:	Since the 1970s, the characteristics of international business cycles have changed, and deeper economic integration has modified the features of cross-country comovement. We formally test for correlation shifts in measures of real economic activity and economic/financial integration. In Europe we find some statistically significant evidence of higher correlations for several subgroups of countries following the creation of the EMU in 1999. We detect significantly more pronounced correlations between Mexico and the United States and between Mexico and Canada in North America after the enforcement of the NAFTA in 1994. Results are derived from an econometric framework based on nonparametric iterated stationary bootstrap methods, whose statistical reliability and performance we assess through Monte Carlo simulations.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::6318325e6aec8a75b10a0d0d29645893 https://doi.org/10.1017/s1365100511000423 Zobrazit plný text záznamu