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Pregled bibliografske jedinice broj: 1099099

Sharing is caring: Spillovers and synchronization of business cycles in the European Union


Arčabić, Vladimir; Škrinjarić, Tihana
Sharing is caring: Spillovers and synchronization of business cycles in the European Union // Economic modelling, 92 (2021), 2021; 25-39 doi:10.1016/j.econmod.2020.12.023 (međunarodna recenzija, članak, znanstveni)


CROSBI ID: 1099099 Za ispravke kontaktirajte CROSBI podršku putem web obrasca

Naslov
Sharing is caring: Spillovers and synchronization of business cycles in the European Union

Autori
Arčabić, Vladimir ; Škrinjarić, Tihana

Izvornik
Economic modelling (0264-9993) 92 (2021), 2021; 25-39

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
business cycle ; spillover index ; synchronization ; Eurozone ; vector autoregression

Sažetak
This paper analyzes business cycle spillovers and synchronization within groups of old and new European Union countries. Firstly, we show that business cycle spillovers are very important, explaining between 50 and 90 percent of the variation in output. Spillovers were especially pronounced during the 2007-2016 period of the Great Recession, which limited national stabilization policies. Because new member states are highly integrated they are very sensitive to spillovers from old member states. Secondly, shock spillovers are symmetric, and business cycles became more synchronized after the Great Recession. This finding is important for Eurozone monetary policy as similar spillovers are beneficial for the common monetary policy. Therefore, sharing is caring, as business cycle spillovers are shown to be a factor leading to more integrated and synchronized Europe. However, large spillovers limit national stabilization policies, increasing the vulnerability of smaller countries. A greater degree of international policy coordination may be required.

Izvorni jezik
Engleski

Znanstvena područja
Matematika, Ekonomija



POVEZANOST RADA


Projekti:
UIP-2017-05-6785 - Osnivanje i razvoj Centra za strukturno i nelinearno makroekonomsko modeliranje (MacroHub) (MACROHUB) (Globan, Tomislav, HRZZ - 2017-05) ( POIROT)
IP-2019-04-4500 - Analiza strukturnih čimbenika konvergencije Republike Hrvatske tijekom tranzicijskog procesa (CONVRH) (Tica, Josip, HRZZ - 2019-04) ( POIROT)

Ustanove:
Ekonomski fakultet, Zagreb

Profili:

Avatar Url Tihana Škrinjarić (autor)

Avatar Url Vladimir Arčabić (autor)

doi

Citiraj ovu publikaciju

Arčabić, Vladimir; Škrinjarić, Tihana
Sharing is caring: Spillovers and synchronization of business cycles in the European Union // Economic modelling, 92 (2021), 2021; 25-39 doi:10.1016/j.econmod.2020.12.023 (međunarodna recenzija, članak, znanstveni)
Arčabić, V. & Škrinjarić, T. (2021) Sharing is caring: Spillovers and synchronization of business cycles in the European Union. Economic modelling, 92 (2021), 25-39 doi:10.1016/j.econmod.2020.12.023.
@article{article, year = {2021}, pages = {25-39}, DOI = {10.1016/j.econmod.2020.12.023}, keywords = {business cycle, spillover index, synchronization, Eurozone, vector autoregression}, journal = {Economic modelling}, doi = {10.1016/j.econmod.2020.12.023}, volume = {92}, number = {2021}, issn = {0264-9993}, title = {Sharing is caring: Spillovers and synchronization of business cycles in the European Union}, keyword = {business cycle, spillover index, synchronization, Eurozone, vector autoregression} }
@article{article, year = {2021}, pages = {25-39}, DOI = {10.1016/j.econmod.2020.12.023}, keywords = {business cycle, spillover index, synchronization, Eurozone, vector autoregression}, journal = {Economic modelling}, doi = {10.1016/j.econmod.2020.12.023}, volume = {92}, number = {2021}, issn = {0264-9993}, title = {Sharing is caring: Spillovers and synchronization of business cycles in the European Union}, keyword = {business cycle, spillover index, synchronization, Eurozone, vector autoregression} }

Časopis indeksira:


  • Current Contents Connect (CCC)
  • Web of Science Core Collection (WoSCC)
    • Social Science Citation Index (SSCI)
    • SCI-EXP, SSCI i/ili A&HCI
  • Scopus


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