TY - BOOK ID - 84658511 TI - Desynchronized : The Comovement of Non-Hydrocarbon Business Cycles in the GCC PY - 2011 SN - 1463936362 1463931115 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Exports and Imports KW - Macroeconomics KW - Public Finance KW - Semiparametric and Nonparametric Methods KW - Single Equation Models KW - Single Variables: Discrete Regression and Qualitative Choice Models KW - Business Fluctuations KW - Cycles KW - Fiscal Policy KW - Economic Integration KW - Open Economy Macroeconomics KW - International Policy Coordination and Transmission KW - Resource Booms KW - Energy and the Macroeconomy KW - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) KW - Macroeconomics: Consumption KW - Saving KW - Wealth KW - Financial Aspects of Economic Integration KW - National Government Expenditures and Related Policies: Infrastructures KW - Other Public Investment and Capital Stock KW - Economic growth KW - International economics KW - Public finance & taxation KW - Business cycles KW - Monetary unions KW - Private consumption KW - Government consumption KW - Public investment spending KW - Economic integration KW - National accounts KW - Expenditure KW - Consumption KW - Economics KW - Public investments KW - Saudi Arabia UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658511 AB - This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of synchronization for non-hydrocarbon GDP and constituents of aggregate demand during the period 1990-2010. By applying the Christiano-Fitzgerald asymmetric band-pass filter and a mean corrected concordance index, the paper identifies the degree of non-hydrocarbon business cycle synchronization?one of the main prerequisites for countries considering to establish a monetary union. The empirical results show low and heterogeneous synchronization in non-hydrocarbon business cycles across the GCC economies, and a decline in the degree of synchronicity in the 2000s, if Kuwait is excluded from the sample, partly because of divergent fiscal policies. ER -