TITLE

The Impact of Trade Integration on Business Cycle Co-Movements in Europe

AUTHOR(S)
Shin, Kwanho; Wang, Yunjong
PUB. DATE
April 2005
SOURCE
Review of World Economics;Apr2005, Vol. 141 Issue 1, p104
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This paper extends our previous research on East Asia to the case of 14 European countries from 1977 to 1999. According to our empirical results, intra industry trade is again the major channel through which the business cycles of European countries become synchronized. This contrasts with existing studies that found that increased trade itself led to the synchronization of business cycles. Our findings have important implications for the adoption of a currency union, as we expect that the costs of joining a currency union will diminish significantly only when intra industry trade becomes dominant. JEL no. E32, F33, F36, F41
ACCESSION #
16988169

 

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