Business cycles synchronization and clustering in Europe (1960-2009)

Papageorgiou, T; Michaelides, PG; Milios, JG

dc.contributor.author	Papageorgiou, T	en
dc.contributor.author	Michaelides, PG	en
dc.contributor.author	Milios, JG	en
dc.date.accessioned	2014-03-01T01:32:58Z
dc.date.available	2014-03-01T01:32:58Z
dc.date.issued	2010	en
dc.identifier.issn	01486195	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/20257
dc.subject	C10	en
dc.subject	Clustering	en
dc.subject	Correlations	en
dc.subject	Europe	en
dc.subject	F15	en
dc.subject	F42	en
dc.subject	F59	en
dc.subject	Rolling window	en
dc.subject	Synchronization	en
dc.title	Business cycles synchronization and clustering in Europe (1960-2009)	en
heal.type	journalArticle	en
heal.identifier.primary	10.1016/j.jeconbus.2010.05.004	en
heal.identifier.secondary	http://dx.doi.org/10.1016/j.jeconbus.2010.05.004	en
heal.publicationDate	2010	en
heal.abstract	This paper deals with business cycle synchronization and clustering in Europe. It makes an attempt to answer some fundamental economic questions regarding European countries' business cycles in the 1960-2009 time span, by breaking the period down into three sub-periods based on major institutional changes (i.e. 1960-1991, 1992-1999, 2000-2009) and other relevant criteria. In this context, various techniques have been used, including pair-wise correlation and the so-called rolling window approach, spectral analysis and k-means clustering. Our results seem to suggest a core-periphery distinction in Europe. Also, the paper argues that European countries increased their synchronization in the time period 1992-1999, while the 2000-2009 time span is, in general, characterised by decreasing synchronization and an increase in the number of clusters. Our findings deserve careful screening and thus future research on the subject would be of great interest. © 2010 Elsevier Inc.	en
heal.journalName	Journal of Economics and Business	en
dc.identifier.doi	10.1016/j.jeconbus.2010.05.004	en
dc.identifier.volume	62	en
dc.identifier.issue	5	en
dc.identifier.spage	419	en
dc.identifier.epage	470	en