Business cycle synchronisation and currency unions : A review of the econometric evidence using meta-analysis

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Title: Business cycle synchronisation and currency unions : A review of the econometric evidence using meta-analysis
Author: Campos, Nauro F. ; Fidrmuc, Jarko ; Korhonen, Iikka
Series: International Review of Financial Analysis
Series volume: 61
Series number: January
Year of publication: 2019
Publication date: 15.1.2019
Published in: Published in Bank of Finland Research Discussion Papers 28/2017
http://urn.fi/URN:NBN:fi:bof-201709201608
Pages: 274-283
Subject (yso): suhdannevaihtelut; euro; synkronointi
Keywords: EMU; optimaaliset valuutta-alueet; valuuttaunionit
JEL: E32; F42
Other keywords: Business cycles synchronisation; Optimum currency areas; Meta-analysis; euro; EMU
Abstract: This paper offers a systematic evaluation of the evidence on the effects of currency unions on the synchronisation of economic activity. Focusing on Europe, we construct a database of about 3000 business cycles synchronisation coefficients including their design and estimation characteristics. We find that: (1) synchronisation increased from about 0.4 before the introduction of the euro in 1999 to 0.6 afterwards; (2) this increase occurred in both euro and non-euro countries (larger in former); and (3) there is evidence of country-specific publication bias.
Link: https://doi.org/10.1016/j.irfa.2018.11.012


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