The comovements of construction in Italy's regions, 1861-1913

Ciccarelli, Carlo and Fenoaltea, Stefano and Proietti, Tommaso (2008): The comovements of construction in Italy's regions, 1861-1913.

Abstract

This paper examines the comovements of construction in Italy's regions from 1861 to 1913. The dynamic correlations of the series' deviation cycles decline in the case of buildings, remain very low in that of railways, and tend to decline in that of other infrastructure; the total-construction correlations instead peak in the 1870s, and again after 1900. Long-term comovements are examined by tracking the dispersion of the first differences of the measured trends. Increasing dispersion is obtained in the construction of buildings and of non-rail infrastructure; railway construction displayed a dramatic decline in dispersion, which dominates the aggregate.

• Item Type: MPRA Paper
• Language: English
• Keywords: construction, regions , post-Unification Italy, trends, cycles, comovements
• Subjects: H - Public Economics > H5 - National Government Expenditures and Related Policies > H54 - Infrastructures ; Other Public Investment and Capital Stock; N - Economic History > N6 - Manufacturing and Construction > N63 - Europe: Pre-1913; E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; Cycles; C - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: General > C14 - Semiparametric and Nonparametric Methods: General; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations > N13 - Europe: Pre-1913

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