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Has the Euro-Mediterranean partnership affected Mediterranean business cycles?
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Barcelona GSE Working Paper; 2012/548
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CANOVA, Fabio, SCHLAEPFER, Alain, Has the Euro-Mediterranean partnership affected Mediterranean business cycles?, Barcelona GSE Working Paper, 2012/548 - https://hdl.handle.net/1814/29204
Abstract
We date turning points of the reference cycle for 19 countries in the Mediterranean, for selected regions, and for the area. Cycles phases are asymmetric, with expansions lasting, on average, much longer than recessions. Cyclical fluctuations are volatile and not highly correlated across countries. Recessions are not very deep and output losses limited. Heterogeneities across countries and regions are substantial. There are time variations in features of Mediterranean business cycles not clearly linked with the Euro-Mediterranean partnership process. The concordance of cyclical fluctuations in the region is poorly linked to trade as is its evolution over time.