Theoretical and Applied Economics
No. 10 / 2006 (505)
Determinants of Business Cycle Convergence in Euro Area. The Romanian Case
Academia de Studii Economice Bucuresti
Abstract. In the OCA theory, the higher economic openness and closer economic cooperation automatically lead to the convergence of business cycles. Krugman (1993) presented and alternative view on this issue. In his opinion, closer trade ties result in better allocation of resources and higher output specialization of individual countries. As the industrial production in individual countries is becoming narrowly specialized, economies of such countries become more vulnerable and more predisposed to respond to shocks asymmetrically. The probability that shocks will be asymmetric or have asymmetric impact depends on the structure of the economy. If the structure of the economy is significantly different from the euro area, even the same shocks may have a different impact on a country and lead to asynchronous business cycle.
Contents
Empirical Approaches of the Public-Private Partnership in the Services of Public Utility
Informational Asymmetry, Sustainable Growth, Exploitation and Obligation Risks
Regulation Strategy in Natural Gas Sector. The Romanian Case
Indirect Instruments of Prudential Supervision
About some Entropy Aspects of Dissipative Systems
Aspects about Statistical Inference
Determinants of Business Cycle Convergence in Euro Area. The Romanian Case
The Institutional Investors and Corporate Governance
Proposal of Controlling Implementation in a Romanian Company
Endogenous Growth Paradigm. Implications for Economic Policy and Theory
Industrial Policy Approaches from Theory to Practice in European Union
Environmental Management Accounting (EMA): Reflection of Environmental Factors in the Accounting Processes through the Identification of the Environmental Costs Attached to Products, Processes and Services
Using the Agent-Based Modeling in Economic Field
Escape from the Alternative