Detail publikace

Growth cycle synchronization of the Visegrad Four and the European Union

Autor: Mgr. Luboš Hanus ,
Mgr. Lukáš Vácha Ph.D.,
Typ: Články v impaktovaných časopisech
Rok: 2018
Číslo: 0
Publikováno v: Empirical Economics
Místo vydání:
Klíčová slova: Growth cycles, synchronization, integration, time-frequency, wavelets, co-movement
JEL kódy:
Abstrakt: In this paper, we map the growth cycle synchronization across the European Union, specifically focusing on the position of the Visegrad Four countries. We study the synchronization using frequency and time-frequency domain. To accommodate for dynamic relationships among the countries we propose a wavelet cohesion measure with time-varying weights. Analyzing quarterly data from 1995 to 2017, we show an increasing co-movement of the Visegrad Four countries with the European Union after the countries have accessed the European Union. We show that participation in a currency union increases the co-movement of the country adopting the Euro. Furthermore, we find a high degree of synchronization at business cycle frequencies of the Visegrad Four and countries of the European monetary union.




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