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Too Much to Lose, or More to Gain? Should Sweden Join the Euro?

J Reade and Ulrich Volz

No 442, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: This paper considers the costs and benefits of Sweden joining the European Economic and Monetary Union (EMU). We pay particular attention to the costs of abandoning the krona in terms of a loss of monetary policy independence. For this purpose, we apply a cointegrated VAR framework to examine the degree of monetary independence that the Sveriges Riksbank enjoys. Our results suggest that Sweden has in fact relatively little to lose from joining EMU, at least in terms of monetary independence. We complement our analysis by looking into other criteria affecting the cost-benefit calculus of monetary integration, which, by and large, support our positive assessment of Swedish EMU membership.

Keywords: Swedish EMU membership; Monetary policy independence; European monetary integration; Cointegrated VAR method (search for similar items in EconPapers)
JEL-codes: C32 E52 E58 F41 F42 (search for similar items in EconPapers)
Date: 2009-08-01
New Economics Papers: this item is included in nep-eec, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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Working Paper: Too Much to Lose, or More to Gain? Should Sweden Join the Euro? (2010) Downloads
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