The new theories available in the international trade emphasize on the synchronization of economic fluctuations arising from trade integration and multilateral trade flows among countries. This paper verifies this relationship among 56 Islamic countries classifying into the three major blocks: D8, GCC and ECO. The empirical results obtained by this research, through measuring different indexes, show a pronounced and significant relationship between trade integration and the synchronization of economic fluctuations among these countries during 1990-2005, in particular. Further more the result show that regional block arrangements play significant roles to integrate trade and synchronize business cycles in the OIC nations. In comparison, the highest synchronization is found among the D8 member countries.
Karimi F, Tayebi S K. Trade Integration and Business Cycles Synchronization with Emphasis on Regional Arrangements Among OIC Nations . qjerp 2010; 18 (54) :123-146 URL: http://qjerp.ir/article-1-240-en.html