Publication:
Do institutions and culture matter for business cycles?

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Canova, Fabio

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Date

2014

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Journal Article

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Abstract

We examine the relationship between cyclical fluctuations and macroeconomic, institutional, and cultural indicators for 46 countries from Europe and the Mediterranean basin. In the Mediterranean cycles are different: the duration of expansions is shorter; the amplitude of recessions is larger; and cyclical synchronization is smaller than elsewhere. Differences in cultural indicators have strong and significant associations with differences in the persistence and volatility of cyclical fluctuations and their synchronization.

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Springer

Subject

Economics

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Open Economies Review

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DOI

10.1007/s11079-013-9298-0

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https://doi.org/10.1007/s11079-013-9298-0
 https://hdl.handle.net/20.500.14288/7499

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Eradicating poverty is not a task of charity, it’s an act of justice and the key to unlocking an enormous human potential. Still, nearly half of the world’s population lives in poverty, and lack of food and clean water is killing thousands every single day of the year. Together, we can feed the hungry, wipe out disease and give everyone in the world a chance to prosper and live a productive and rich life.
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Economic growth should be a positive force for the whole planet.This is why we must make sure that financial progress creates decent and fulfilling jobs while not harming the environment. We must protect labour rights and once and for all put a stop to modern slavery and child labour. If we promote job creation with expanded access to banking and financial services, we can make sure that everybody gets the benefits of entrepreneurship and innovation.

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