6533b85dfe1ef96bd12be3c5
RESEARCH PRODUCT
BUSINESS CYCLE SYNCHRONIZATION BETWEEN ROMANIA AND THE EURO AREA. A FRESH LOOK IN VIEW OF THE RECENT CRISIS
Alexe IleanaTatomir Cristina Flaviasubject
jel:F15jel:E32Optimum currency area Business cycle synchronization Romania Euro area Crisisjel:F41description
This paper examines the degree of business cycles synchronization between Romania and the Euro area, by using Germany as a benchmark for the area economic cycle. The period of the study is 2000 - 2011, with a special emphasis on the recent economic and financial crisis. Using the Hodrick-Prescott filter, we find important, but decreasing correlations in times of crisis in the level of GDP. Furthermore, the analysis by GDP components reveals that private consumption remains the least correlated with the Euro area, while foreign trade is highly correlated and its synchronization even increased during the recent crisis.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2012-01-01 | Revista economica |