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首页> 外文期刊>Emerging Markets Finance & Trade >Business Cycle Synchronization of Turkey with the Eurozone and the United States: What Has Changed Since 2001?
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Business Cycle Synchronization of Turkey with the Eurozone and the United States: What Has Changed Since 2001?

机译:土耳其与欧元区和美国的商业周期同步:自2001年以来发生了什么变化?

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摘要

Using wavelet methodology, we make a detailed spectral analysis of the business cycle synchronization of the Turkish economy with the eurozone and the United States. We take into account the dramatic change in the main economic indicators in the Turkish economy after the 2001 financial crisis. We find that the correlation of Turkish cycles with the cycles of the eurozone and the United States increased substantially after 2001. Moreover, the correlation of the Turkish cycles with the U.S. cycles is not lower than that with the euro cycles after 2001. Accordingly, analyzing the effect of international developments should not be confined to the trade channel. We submit that capital flows offer a reasonable explanation for the high correlation with the United States.
机译:使用小波方法,我们对土耳其经济与欧元区和美国的商业周期同步进行了详细的频谱分析。我们考虑到2001年金融危机之后土耳其主要经济指标的急剧变化。我们发现,在2001年之后,土耳其周期与欧元区和美国周期的相关性显着增加。此外,土耳其周期与美国周期的相关性并不低于2001年之后与欧元周期的相关性。国际发展的影响不应仅限于贸易渠道。我们认为,资本流动为与美国的高度相关性提供了合理的解释。

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