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