Business Cycle Synchronization in Europe: Evidence from the Scandinavian Currency Union

U. Michael Bergman and Lars Jonung ()

No 402, European Economy - Economic Papers 2008 - 2015 from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: This paper studies business cycle synchronization in the three Scandinavian countries Denmark, Norway and Sweden prior to, during and after the Scandinavian Currency Union 1873-1913. We find that the degree of synchronization tended to increase during the currency union, thus supporting earlier empirical evidence. Estimates of factor models suggest that common Scandinavian shocks are important for these three countries. At the same time we find evidence suggesting that the importance of these shocks does not depend on the monetary regime.

Keywords: european union; eu; denmark; sweden; norway; jonung; bergman; scandinavian currency; union synchronisation of cycles; co-movement of cycles; monetary unions symnetry; symmetry european business cycles (search for similar items in EconPapers)
JEL-codes: E32 F41 (search for similar items in EconPapers)
Pages: 63 pages
Date: 2010-02
New Economics Papers: this item is included in nep-bec, nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Related works:
Journal Article: BUSINESS CYCLE SYNCHRONIZATION IN EUROPE: EVIDENCE FROM THE SCANDINAVIAN CURRENCY UNION (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:euf:ecopap:0402

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