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Has the Euro-Mediterranean partnership affected Mediterranean business cycles?
Canova, Fabio; Schlaepfer, Alain
Universitat Pompeu Fabra. Departament d'Economia i Empresa
We date turning points of the reference cycle for 19 Mediterranean countries andanalyze their structure and interdependences. Fluctuations are volatile and not highlycorrelated across countries; recessions are deep but asynchronous making average outputlosses in the area limited. Heterogeneities across countries and regions are substantial.Mediterranean cycles are time varying but their evolution is not linked withthe Euro-Mediterranean partnership process. The concordance of cyclical fluctuationsis poorly related to trade and financial linkages and to their evolution over time.
Macroeconomics and International Economics
turning point dates
reference cycles
euro-mediterranean partnership
trade and financial interdependences
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