ELENA-DOINA DASCALU, IONEL BOSTAN, CRISTIAN POPESCU, IOAN-BOGDAN ROBU, COSTICA MIHAI, BOGDAN FIRTESCU, COSTEL ISTRATE THE INFLUENCE OF BUSINESS CYCLES ON THE EUROPEAN CHEMICAL INDUSTRY
The article assesses how the chemical sector responds to oscillations in the economic cycle, given that industries do not react in the same way under the influence of macroeconomic frictions. The basic hypothesis is that the chemical industry, which is part of the sector of medium-high technology industries, was affected by the 2008-2011 crisis differently, compared to the rest of the industries. Since it has a higher labour productivity, it is expected that its decline was less visible than that of the European economy, taken as a whole. Our study analyses data from a sample that covers the 28 states of the European Union, and the analysed period is from the year 2000 to 2014.
Keywords: Chemical industry, production, economic crisis, technology