Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110961
Authors: 
Hanus, Lubos
Vacha, Lukas
Year of Publication: 
2015
Series/Report no.: 
FinMaP-Working Paper 42
Abstract: 
In this paper, we map the process of synchronization of the Visegrad Four within the framework of the European Union using the wavelet techniques. In addition, we show that the relationship of output and key macroeconomic indicators is dynamic and varies over time and across frequencies. We study the synchronization applying the wavelet cohesion measure with time-varying weights. This novel approach allows for studying the dynamic relationship among countries from a different perspective than usual timedomain models. Analysing monthly data from 1990 to 2014, the results for the Visegrad region show an increasing co-movement with the European Union after the countries began with preparation for the accession to the European union. The participation in a currency union possibly increases the co-movement. Further, analysing the Visegrad and South European countries' synchronization with the European Union core countries, we find a high degree of synchronization in long-term horizons.
Subjects: 
business cycle synchronization
time-frequency
wavelets
co-movement
Visegrad Four
European Union
JEL: 
E32
C40
F15
Document Type: 
Working Paper
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