Are business cycles synchronous in CAMEU zone?

Jean-Jacques Tony Ekomie Ekomie ()
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Jean-Jacques Tony Ekomie Ekomie: International Research Center in Economics and Management for Development, Omar Bongo University, Libreville, Gabon

European Economic Letters, 2014, vol. 3, issue 2, 51-56

Abstract: Using the generalized dynamic factor model of Forni and al. (2004), one estimates the spectral density matrix. One detects four common factors revealed by the dynamic eigenvalues within the Central African Monetary and Economic Union zone (CAMEU). This allows building a relevant indicator which is the common component of the entire CAMEU zone. Correlations between this indicator and the common component of each country reveal that the synchronization of business cycles is particularly important to the economies of Cameroon, Equatorial Guinea and Chad.

Keywords: Generalized Dynamic Factor Models; Business Cycles Synchronization; CAMEU (search for similar items in EconPapers)
JEL-codes: C33 E30 F02 F41 (search for similar items in EconPapers)
Date: 2014
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