Business cycle synchronization of a small open EU-candidate country’s economy with the EU economy

Filipovski, Vladimir; Trpeski, Predrag; Bogoev, Jane

doi:10.2298/pan160209017f

Cited by 3 publications

(3 citation statements)

References 12 publications

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“…Whereas some new EU members-especially Hungary, Poland, and Slovenia-were able to achieve a higher degree of economic alignment, particularly in terms of GDP, others lagged behind or experienced no synchronization (Darvas and Szapáry 2008). However, there is also some evidence that small EU countries performed better in terms of synchronization (Filipovski et al 2018).…”

Section: Literature Reviewmentioning

confidence: 99%

Recent Patterns of Economic Alignment in the European (Monetary) Union

Gehringer

König

2021

JRFM

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This paper studies the process of business cycle synchronization in the European Union and the euro area. As our baseline methodology we adopt rolling window correlation coefficients of various economic indicators, observed since 2000. Among the indicators, we distinguish between real economic indicators, like the real GDP growth and unemployment, and nominal indicators, like inflation and government budget. Given the direct implication of this kind of analysis for the common monetary policy of the European Central Bank (ECB), special attention is paid to the pattern of business cycle synchronization in the core and peripheral members of the euro area. Our analysis of quarterly data covering the first two decades of the euro area shows that there was a certain synchronization tendency in the first years of the common currency. However, the European debt crisis halted the economic integration within the European Union and—even more so—within the euro area. Since the ECB can to a large extent intervene only with “one-size-fits-all” monetary policy instruments, this renders increasingly cumbersome the conduct of stabilisation policies within the euro area.

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Section: Literature Reviewmentioning

confidence: 99%

Recent Patterns of Economic Alignment in the European (Monetary) Union

Gehringer

König

2021

JRFM

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“…De Grauwe and Ji (2016) mentioned how important it is to calculate the amplitude of cycles. Filipovski, Trpeski, and Bogoev (2018), used data from 1997 to 2012 by employing the HP and Christiano-Fitzgerald (CF) filter. They argued that there is a high degree of synchronization between the cycles of the EU economy and the cycles of a small open EU-candidate country.…”

Section: Literature Reviewmentioning

confidence: 99%

Business cycles and macroeconomic asymmetries: New evidence from Eurozone and European countries

2020

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This paper focuses on the synchronization of business cycles among European Union countries. The co-movements of economic growth and foreign direct investments are examined for the EU Three different periods of business cycles are compared and three sub-groups for the sample and the whole period are constructed, a core and a periphery group as in Campos and Macchiarell, Economics Letters, 2016, 147, 127-130, and a new entry group. To assess the robustness of the results, the business cycles were estimated by using the Hodrick-Prescott,

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“…There are authors that analyze the business cycles and have found that the strength of the economic recovery and of the labour market depend importantly on labour productivity. Filipovski, et al, (2017) investigate the degree of synchronization of business cycles in a small open EU-candidate country such as the Republic of Macedonia with the cycle of the EU economy. They apply linear and nonlinear methods for delineating the production gap cycle in the Macedonian economy and autoregressive methods to assess the size and speed of cyclical adjustment of the Macedonian economy to output shocks to the Euro-zone economy.…”

Section: Literature Reviewmentioning

confidence: 99%

The Impact of the Main Determinants and Changes in Agricultural Labour Productivity in Macedonia

Trpeski

Cvetanoska

2018

ESJ

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The aim of this paper is to analyze changes and impacts on the level of labour productivity in the agricultural sector in Macedonia in the period from 2006 to 2017. Labour productivity is an important determinant for establishing the competitiveness of a particular sector or overall economy and helps in creating the necessary conditions for economic development. Agricultural sector in many countries represents the basis for growth in gross domestic product. Agriculture plays a key role in development of the national economy in Macedonia as a third largest sector after services and industry. Therefore, in order to increase the agricultural labour productivity, it is necessary to increase agricultural production, i.e., the part of gross domestic product created by the agriculture sector. In this direction, the paper also analyzes the relationship between agricultural labour productivity and gross domestic product and employment in agriculture. Synthesis and analysis, induction and deduction, descriptive statistics, comparative analysis, correlation analysis and regression analysis are used for the purpose of the paper. The results show that changes in gross domestic product in agricultural sector in Macedonia have a greater impact on agricultural labour productivity for the analyzed period compared to the impact of changes in the number of employees in the agriculture sector where the relationship is weak to moderate. Research results also showed that there is a positive and strong quantitative relationship between agricultural labour productivity growth rate and GDP growth rate in Macedonian economy. Agricultural GDP is the determinant which has to be influenced through intensification of agricultural production in order to increase the agricultural productivity.

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Business cycle synchronization of a small open EU-candidate country’s economy with the EU economy

Cited by 3 publications

References 12 publications

Recent Patterns of Economic Alignment in the European (Monetary) Union

Recent Patterns of Economic Alignment in the European (Monetary) Union

Business cycles and macroeconomic asymmetries: New evidence from Eurozone and European countries

The Impact of the Main Determinants and Changes in Agricultural Labour Productivity in Macedonia

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