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ClubMed? Cyclical fluctuations in the Mediterranean basin
Canova, Fabio; Ciccarelli, Matteo
Universitat Pompeu Fabra. Departament d'Economia i Empresa
We investigate macroeconomic fluctuations in the Mediterranean basin, their similarities and convergence. A model with four indicators, roughly covering theWest, the East and the Middle East and the North Africa portions of theMediterranean, characterizes well the historical experience since the early 1980.Idiosyncratic causes still dominate domestic cyclical fluctuations in many countries. Convergence and divergence coexist are local and transitory. The cyclicaloutlook for the next few years is rosier for the East than for the West.
Macroeconomics and International Economics
bayesian methods; business cycles; mediterranean basin; developing and developed countries.
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