Are Microstates Necessarily Led by Their Bigger Neighbors’ Business Cycle? The Case of Liechtenstein and Switzerland View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

2017-04-20

AUTHORS

Andreas Brunhart

ABSTRACT

This paper investigates Liechtenstein’s business cycle compared to its neighboring countries (Switzerland, Austria) and other countries with strong economic relations with Liechtenstein (Germany, Italy, France, USA). In contrast to the widespread notion of small countries “importing” the business cycle from bigger nations, it is shown that the real GDP of the microstate Liechtenstein is a leading indicator for the economy of its bigger neighbor Switzerland, regarding the growth rates as well as the output gap. This finding is based on cross correlation analyses and single- and multi-equation Granger causality tests, applying annual data from 1972 until 2014 or 2015. The significant GDP lead of one year is robust across all the various time frames and model specifications and seems to be driven by the goods exports. Also, Liechtenstein seems to react earlier to US business cycle fluctuations. This finding is not only interesting in the context of Liechtenstein and Switzerland but also encourages further research as it indicates the possibility that very small states are not only more exposed to foreign shocks, react more sensitively to international economic fluctuations, and are more volatile than their big “patron” nations—all stylized facts from small state economics literature—, but that their business cycles could be affected earlier. More... »

PAGES

29-52

References to SciGraph publications

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s41549-017-0013-x

DOI

http://dx.doi.org/10.1007/s41549-017-0013-x

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1085034101


Indexing Status Check whether this publication has been indexed by Scopus and Web Of Science using the SN Indexing Status Tool
Incoming Citations Browse incoming citations for this publication using opencitations.net

JSON-LD is the canonical representation for SciGraph data.

TIP: You can open this SciGraph record using an external JSON-LD service: JSON-LD Playground Google SDTT

[
  {
    "@context": "https://springernature.github.io/scigraph/jsonld/sgcontext.json", 
    "about": [
      {
        "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/14", 
        "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
        "name": "Economics", 
        "type": "DefinedTerm"
      }, 
      {
        "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/1402", 
        "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
        "name": "Applied Economics", 
        "type": "DefinedTerm"
      }, 
      {
        "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/1403", 
        "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
        "name": "Econometrics", 
        "type": "DefinedTerm"
      }
    ], 
    "author": [
      {
        "affiliation": {
          "alternateName": "Liechtenstein Institute, Bendern, Liechtenstein", 
          "id": "http://www.grid.ac/institutes/grid.483115.a", 
          "name": [
            "Liechtenstein Institute, Bendern, Liechtenstein"
          ], 
          "type": "Organization"
        }, 
        "familyName": "Brunhart", 
        "givenName": "Andreas", 
        "type": "Person"
      }
    ], 
    "citation": [
      {
        "id": "sg:pub.10.1007/bf03399350", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1100346713", 
          "https://doi.org/10.1007/bf03399350"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "sg:pub.10.1007/bf02707338", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1001232785", 
          "https://doi.org/10.1007/bf02707338"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "sg:pub.10.1007/s00181-011-0504-x", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1032928383", 
          "https://doi.org/10.1007/s00181-011-0504-x"
        ], 
        "type": "CreativeWork"
      }, 
      {
        "id": "sg:pub.10.1007/s10182-005-0206-9", 
        "sameAs": [
          "https://app.dimensions.ai/details/publication/pub.1031568864", 
          "https://doi.org/10.1007/s10182-005-0206-9"
        ], 
        "type": "CreativeWork"
      }
    ], 
    "datePublished": "2017-04-20", 
    "datePublishedReg": "2017-04-20", 
    "description": "This paper investigates Liechtenstein\u2019s business cycle compared to its neighboring countries (Switzerland, Austria) and other countries with strong economic relations with Liechtenstein (Germany, Italy, France, USA). In contrast to the widespread notion of small countries \u201cimporting\u201d the business cycle from bigger nations, it is shown that the real GDP of the microstate Liechtenstein is a leading indicator for the economy of its bigger neighbor Switzerland, regarding the growth rates as well as the output gap. This finding is based on cross correlation analyses and single- and multi-equation Granger causality tests, applying annual data from 1972 until 2014 or 2015. The significant GDP lead of one year is robust across all the various time frames and model specifications and seems to be driven by the goods exports. Also, Liechtenstein seems to react earlier to US business cycle fluctuations. This finding is not only interesting in the context of Liechtenstein and Switzerland but also encourages further research as it indicates the possibility that very small states are not only more exposed to foreign shocks, react more sensitively to international economic fluctuations, and are more volatile than their big \u201cpatron\u201d nations\u2014all stylized facts from small state economics literature\u2014, but that their business cycles could be affected earlier.", 
    "genre": "article", 
    "id": "sg:pub.10.1007/s41549-017-0013-x", 
    "isAccessibleForFree": false, 
    "isPartOf": [
      {
        "id": "sg:journal.1290432", 
        "issn": [
          "2509-7962", 
          "2509-7970"
        ], 
        "name": "Journal of Business Cycle Research", 
        "publisher": "Springer Nature", 
        "type": "Periodical"
      }, 
      {
        "issueNumber": "1", 
        "type": "PublicationIssue"
      }, 
      {
        "type": "PublicationVolume", 
        "volumeNumber": "13"
      }
    ], 
    "keywords": [
      "business cycle", 
      "business cycle fluctuations", 
      "Granger causality test", 
      "international economic fluctuations", 
      "strong economic relations", 
      "real GDP", 
      "output gap", 
      "foreign shocks", 
      "causality test", 
      "cycle fluctuations", 
      "economic fluctuations", 
      "stylized facts", 
      "economic literature", 
      "GDP lead", 
      "goods exports", 
      "annual data", 
      "leading indicator", 
      "model specification", 
      "economic relations", 
      "small country", 
      "big neighbors", 
      "small states", 
      "big nations", 
      "neighboring countries", 
      "countries", 
      "growth rate", 
      "GDP", 
      "nations", 
      "economy", 
      "cross-correlation analysis", 
      "widespread notion", 
      "Switzerland", 
      "Liechtenstein", 
      "export", 
      "shock", 
      "fluctuations", 
      "time frame", 
      "specification", 
      "indicators", 
      "findings", 
      "further research", 
      "literature", 
      "correlation analysis", 
      "gap", 
      "fact", 
      "cycle", 
      "context", 
      "research", 
      "data", 
      "notion", 
      "rate", 
      "analysis", 
      "state", 
      "relation", 
      "years", 
      "neighbors", 
      "possibility", 
      "cases", 
      "lead", 
      "microstates", 
      "contrast", 
      "patrons", 
      "test", 
      "frame", 
      "paper"
    ], 
    "name": "Are Microstates Necessarily Led by Their Bigger Neighbors\u2019 Business Cycle? The Case of Liechtenstein and Switzerland", 
    "pagination": "29-52", 
    "productId": [
      {
        "name": "dimensions_id", 
        "type": "PropertyValue", 
        "value": [
          "pub.1085034101"
        ]
      }, 
      {
        "name": "doi", 
        "type": "PropertyValue", 
        "value": [
          "10.1007/s41549-017-0013-x"
        ]
      }
    ], 
    "sameAs": [
      "https://doi.org/10.1007/s41549-017-0013-x", 
      "https://app.dimensions.ai/details/publication/pub.1085034101"
    ], 
    "sdDataset": "articles", 
    "sdDatePublished": "2022-08-04T17:04", 
    "sdLicense": "https://scigraph.springernature.com/explorer/license/", 
    "sdPublisher": {
      "name": "Springer Nature - SN SciGraph project", 
      "type": "Organization"
    }, 
    "sdSource": "s3://com-springernature-scigraph/baseset/20220804/entities/gbq_results/article/article_719.jsonl", 
    "type": "ScholarlyArticle", 
    "url": "https://doi.org/10.1007/s41549-017-0013-x"
  }
]
 

Download the RDF metadata as:  json-ld nt turtle xml License info

HOW TO GET THIS DATA PROGRAMMATICALLY:

JSON-LD is a popular format for linked data which is fully compatible with JSON.

curl -H 'Accept: application/ld+json' 'https://scigraph.springernature.com/pub.10.1007/s41549-017-0013-x'

N-Triples is a line-based linked data format ideal for batch operations.

curl -H 'Accept: application/n-triples' 'https://scigraph.springernature.com/pub.10.1007/s41549-017-0013-x'

Turtle is a human-readable linked data format.

curl -H 'Accept: text/turtle' 'https://scigraph.springernature.com/pub.10.1007/s41549-017-0013-x'

RDF/XML is a standard XML format for linked data.

curl -H 'Accept: application/rdf+xml' 'https://scigraph.springernature.com/pub.10.1007/s41549-017-0013-x'


 

This table displays all metadata directly associated to this object as RDF triples.

141 TRIPLES      21 PREDICATES      94 URIs      81 LITERALS      6 BLANK NODES

Subject Predicate Object
1 sg:pub.10.1007/s41549-017-0013-x schema:about anzsrc-for:14
2 anzsrc-for:1402
3 anzsrc-for:1403
4 schema:author N71bf80ff78c741069bb2ba0e99852d1b
5 schema:citation sg:pub.10.1007/bf02707338
6 sg:pub.10.1007/bf03399350
7 sg:pub.10.1007/s00181-011-0504-x
8 sg:pub.10.1007/s10182-005-0206-9
9 schema:datePublished 2017-04-20
10 schema:datePublishedReg 2017-04-20
11 schema:description This paper investigates Liechtenstein’s business cycle compared to its neighboring countries (Switzerland, Austria) and other countries with strong economic relations with Liechtenstein (Germany, Italy, France, USA). In contrast to the widespread notion of small countries “importing” the business cycle from bigger nations, it is shown that the real GDP of the microstate Liechtenstein is a leading indicator for the economy of its bigger neighbor Switzerland, regarding the growth rates as well as the output gap. This finding is based on cross correlation analyses and single- and multi-equation Granger causality tests, applying annual data from 1972 until 2014 or 2015. The significant GDP lead of one year is robust across all the various time frames and model specifications and seems to be driven by the goods exports. Also, Liechtenstein seems to react earlier to US business cycle fluctuations. This finding is not only interesting in the context of Liechtenstein and Switzerland but also encourages further research as it indicates the possibility that very small states are not only more exposed to foreign shocks, react more sensitively to international economic fluctuations, and are more volatile than their big “patron” nations—all stylized facts from small state economics literature—, but that their business cycles could be affected earlier.
12 schema:genre article
13 schema:isAccessibleForFree false
14 schema:isPartOf N02194a93f49c49adbf0999bd838fcb3a
15 N55097a7bf16c45f393338f9400a28fb1
16 sg:journal.1290432
17 schema:keywords GDP
18 GDP lead
19 Granger causality test
20 Liechtenstein
21 Switzerland
22 analysis
23 annual data
24 big nations
25 big neighbors
26 business cycle
27 business cycle fluctuations
28 cases
29 causality test
30 context
31 contrast
32 correlation analysis
33 countries
34 cross-correlation analysis
35 cycle
36 cycle fluctuations
37 data
38 economic fluctuations
39 economic literature
40 economic relations
41 economy
42 export
43 fact
44 findings
45 fluctuations
46 foreign shocks
47 frame
48 further research
49 gap
50 goods exports
51 growth rate
52 indicators
53 international economic fluctuations
54 lead
55 leading indicator
56 literature
57 microstates
58 model specification
59 nations
60 neighboring countries
61 neighbors
62 notion
63 output gap
64 paper
65 patrons
66 possibility
67 rate
68 real GDP
69 relation
70 research
71 shock
72 small country
73 small states
74 specification
75 state
76 strong economic relations
77 stylized facts
78 test
79 time frame
80 widespread notion
81 years
82 schema:name Are Microstates Necessarily Led by Their Bigger Neighbors’ Business Cycle? The Case of Liechtenstein and Switzerland
83 schema:pagination 29-52
84 schema:productId N2219fb939b7e4763b596431751a43e13
85 N4df69851c0e14e97abcfd6970d8361cd
86 schema:sameAs https://app.dimensions.ai/details/publication/pub.1085034101
87 https://doi.org/10.1007/s41549-017-0013-x
88 schema:sdDatePublished 2022-08-04T17:04
89 schema:sdLicense https://scigraph.springernature.com/explorer/license/
90 schema:sdPublisher Ne9e593c178dd406789541a3b00d3495a
91 schema:url https://doi.org/10.1007/s41549-017-0013-x
92 sgo:license sg:explorer/license/
93 sgo:sdDataset articles
94 rdf:type schema:ScholarlyArticle
95 N02194a93f49c49adbf0999bd838fcb3a schema:volumeNumber 13
96 rdf:type schema:PublicationVolume
97 N2219fb939b7e4763b596431751a43e13 schema:name dimensions_id
98 schema:value pub.1085034101
99 rdf:type schema:PropertyValue
100 N4df69851c0e14e97abcfd6970d8361cd schema:name doi
101 schema:value 10.1007/s41549-017-0013-x
102 rdf:type schema:PropertyValue
103 N55097a7bf16c45f393338f9400a28fb1 schema:issueNumber 1
104 rdf:type schema:PublicationIssue
105 N71bf80ff78c741069bb2ba0e99852d1b rdf:first Nb22cf2471b41499198b0ec5ae255b55f
106 rdf:rest rdf:nil
107 Nb22cf2471b41499198b0ec5ae255b55f schema:affiliation grid-institutes:grid.483115.a
108 schema:familyName Brunhart
109 schema:givenName Andreas
110 rdf:type schema:Person
111 Ne9e593c178dd406789541a3b00d3495a schema:name Springer Nature - SN SciGraph project
112 rdf:type schema:Organization
113 anzsrc-for:14 schema:inDefinedTermSet anzsrc-for:
114 schema:name Economics
115 rdf:type schema:DefinedTerm
116 anzsrc-for:1402 schema:inDefinedTermSet anzsrc-for:
117 schema:name Applied Economics
118 rdf:type schema:DefinedTerm
119 anzsrc-for:1403 schema:inDefinedTermSet anzsrc-for:
120 schema:name Econometrics
121 rdf:type schema:DefinedTerm
122 sg:journal.1290432 schema:issn 2509-7962
123 2509-7970
124 schema:name Journal of Business Cycle Research
125 schema:publisher Springer Nature
126 rdf:type schema:Periodical
127 sg:pub.10.1007/bf02707338 schema:sameAs https://app.dimensions.ai/details/publication/pub.1001232785
128 https://doi.org/10.1007/bf02707338
129 rdf:type schema:CreativeWork
130 sg:pub.10.1007/bf03399350 schema:sameAs https://app.dimensions.ai/details/publication/pub.1100346713
131 https://doi.org/10.1007/bf03399350
132 rdf:type schema:CreativeWork
133 sg:pub.10.1007/s00181-011-0504-x schema:sameAs https://app.dimensions.ai/details/publication/pub.1032928383
134 https://doi.org/10.1007/s00181-011-0504-x
135 rdf:type schema:CreativeWork
136 sg:pub.10.1007/s10182-005-0206-9 schema:sameAs https://app.dimensions.ai/details/publication/pub.1031568864
137 https://doi.org/10.1007/s10182-005-0206-9
138 rdf:type schema:CreativeWork
139 grid-institutes:grid.483115.a schema:alternateName Liechtenstein Institute, Bendern, Liechtenstein
140 schema:name Liechtenstein Institute, Bendern, Liechtenstein
141 rdf:type schema:Organization
 




Preview window. Press ESC to close (or click here)


...