On the endogeneity of an exogenous OCA-criterion: The impact of specialisation on the synchronisation of regional business cycles in Europe

Ansgar Belke and Jens Michael Heine

No 119, HWWA Discussion Papers from Hamburg Institute of International Economics (HWWA)

Abstract: This paper empirically assesses the impact of specialisation on the synchronisation of regional business cycles in two core countries of EMU, namely France and Germany. Several specialisation indices are introduced and some first stylised facts about interregional business cycle correlations are derived. Second, region pair specific and pooled estimations are enacted and tested for robustness in order to calculate the impact of specialisation on the degree of business cycle synchronisation. However, our regression results confirm the hypothesis of a positive impact only partly, but they underline the problem of a common monetary policy for uncommon regions which has already existed in the DM- and in the Franc-zone before.

Keywords: Agglomeration; Specialisation; Regional Employment; European Monetary Union; Regional Business Cycles; Synchronisation (search for similar items in EconPapers)
JEL-codes: E32 F15 R23 (search for similar items in EconPapers)
Date: 2001
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Related works:
Working Paper: On the Endogeneity of an Exogenous OCA-Criterion: The Impact of Specialisation on the Synchronisation of Regional Business Cycles in Europe (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:hwwadp:26382

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