Abstract
Business cycle analysis generated an essential impulse in stimulating and provoking interesting academic and professional debates within a growth perspective. In fact, measuring business cycles is critical in determining the stylized facts on the cyclical behavior of aggregate macroeconomic indicators over time. As green growth topics started to occupy much academic interest, the question of the co-existence of equitable and sustainable development as well as current dynamics and cyclical features of economic growth comes into foreplay. This paper aims to evaluate cyclical characteristics of green growth related variables by observing two countries that showed different green policy aspirations over time, namely China and France. Following the paper's main objective, we want to provide a detailed analysis of the extent to which Green GDP and relevant output measures are comparable in a wider 'deviation cycle' context that includes cycle correlation, cycle coherence, and cycle magnitude. Results suggest that business cycles of GDP/GNI and Green GDP are strongly connected and coherent to a high degree. However, we found that the strength of that nexus and the degree of similarity has changed considerably over time, yet in a positive way.
Highlights
IntroductionThe term business cycle (economic cycle) refers to changes in the economy at the level of production or economic activity over several months or years
The term business cycle refers to changes in the economy at the level of production or economic activity over several months or years
Following the paper's main objective, we want to provide a detailed analysis of the extent to which Green Gross domestic product (GDP) and relevant output measures are comparable in a wider 'deviation cycle' context that includes cycle correlation, cycle coherence, and cycle magnitude
Summary
The term business cycle (economic cycle) refers to changes in the economy at the level of production or economic activity over several months or years. Changes in the economy most often occur around a long-term growth trend. They usually involve changes over a period of relatively rapid economic growth (expansion) and periods of relative stagnation or decline (recession). There are a vast number of different fluctuations in economic life and external factors that affect economic processes. Any change in one of these factors directly affects changes in economic activity. If these changes are large and long-lasting and affect the economy's external determinants and cause disturbances in the economy for a long time, we can talk about an economic crisis. As a potentially possible solution, we seek the causes that influence these regular cycles' creation, and their explanation is sought
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