NDLI: Convergence of European Business Cycles: A Complex Networks Approach

Content Provider	Springer Nature Link
Author	Papadimitriou, Theophilos Gogas, Periklis Sarantitis, Georgios Antonios
Copyright Year	2014
Abstract	We examine the co-movement patterns of European business cycles during the period 1986–2011, with an obvious focal point the year 1999 that marked the introduction of the common currency, the euro. The empirical analysis is performed within the context of Graph Theory where we apply a rolling window approach in order to dynamically analyze the evolution of the network that corresponds to the GDP growth rate cross-correlations of 22 European economies. The main innovation of our study is that the analysis is performed by introducing what we call the threshold-minimum dominating set (T-MDS). We provide evidence at the network level and analyze its structure and evolution by the metrics of total network edges, network density, isolated nodes and the cardinality of the T-MDS set. Next, focusing on the country level, we analyze each individual country’s neighborhood set (economies with similar growth patterns) in the pre- and post-euro era in order to assess the degree of convergence to the rest of the economies in the network. Our empirical results indicate that despite a few economies’ idiosyncratic behavior, the business cycles of the European countries display an overall increased degree of synchronization and thus convergence in the single currency era.
Starting Page	97
Ending Page	119
Page Count	23
File Format	PDF
ISSN	09277099
Journal	Computational Economics
Volume Number	47
Issue Number	2
e-ISSN	15729974
Language	English
Publisher	Springer US
Publisher Date	2014-11-01
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Business cycles Convergence Graph Theory Complex economic networks Rolling window Threshold-Minimum Dominating Set Economic Theory/Quantitative Economics/Mathematical Methods Computer Application in Social and Behavioral Sciences Operation Research/Decision Theory Behavioral/Experimental Economics Math Applications in Computer Science
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance Computer Science Applications

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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