Open AccessRegions and business cycles’ synchronization: Aspects, trends and perspectives
Author(s) -
Γιώργος Οικονόμου,
Μανώλης Ασημακόπουλος
Publication year - 2013
Publication title -
perifereia
Language(s) - English
Resource type - Journals
eISSN - 2623-4920
pISSN - 2241-1380
DOI - 10.12681/rp.18897
Subject(s) - business cycle , convergence (economics) , synchronization (alternating current) , divergence (linguistics) , economic geography , key (lock) , gross domestic product , economics , regional science , geography , macroeconomics , computer science , philosophy , computer network , channel (broadcasting) , linguistics , computer security
Τhe proposed article aims to capture the potential of the Greek Regions, in terms of their contribution to the national product, and to present the regional business cycles of the country as well. The key research question is the investigation of the existence of synchronization between regional business cycles on the one hand with the national cycle and the corresponding Attica’s cycle on the other, over a certain period of time (1970 to 2010). While the key challenge of regional policy is the regional convergence and the balanced regional development, there is evidence based on the regional gross domestic product trend, which reveal a different aspect. Individual regional cycles present asymmetric economic fl uctuations compared to the national and the Attica’s cycles, implying divergence for considerable periods of time. Evidence of business cycles synchronization appear for all thirteen Regions in the early 1970s and after the years 2005-2006, coinciding with aspects of the economic contraction that began to emerge progressively at that time.