Investigating the Effect of Oil Revenue Shocks on Business Cycles and the Synchronism of Cycles with Selected OECD Countries

Table 7

Estimation of business cycle synchronization index.

Countries	Business cycle correlation coefficient
Belgium	0.09
China	0.30
France	0.00
Germany	0.042
Greece	0.29
India	−0.15
Italy	−0.07
Japan	0.17
South Korea	−0.10
Spain	0.10
Turkey	0.03
England	−0.44