Economic Integration and Regional Business Cycles: Evidence from the Iberian Regions*
研究经济一体化对欧盟区域商业周期趋同的正面影响，聚焦西班牙和葡萄牙的伊比利亚地区，发现跨境相关性增强更显著，且行政边界、经济规模和产业结构可解释区域周期差异。
Abstract This paper provides evidence of the positive impact of economic integration on EU regions’ business cycles convergence by focusing on two neighbouring countries: Spain and Portugal. We show that while a rise in cross‐country business cycle correlation has also been experienced by other European countries, it has been relatively more pronounced for Iberian regions. Econometric evidence suggests that the existence of an administrative border, the economic size of regions and their industrial structures can explain a substantial proportion of regional cycles.