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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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Business cycle synchronisation and currency unions: A review of the econometric evidence using meta-analysis, International Review of Financial Analysis January (2019). Campos, Nauro F.; Fidrmuc, Jarko; Korhonen, Iikka


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Campos, Nauro F.; Fidrmuc, Jarko; Korhonen, Iikka 
Number of authors
Status Published
Year of publication 2019 
Date 15.01.2019 
Name of article Business cycle synchronisation and currency unions: A review of the econometric evidence using meta-analysis 
Name of journal International Review of Financial Analysis
Volume of issue 61 
Number of issue January 
Pages 274-283 
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.
Free text descriptor in Finnish suhdannevaihtelut; synkronointi; EMU; euro; optimaaliset valuutta-alueet; valuuttaunionit 
Free text descriptor in English Business cycles synchronisation; Optimum currency areas; EMU; Euro; Meta-analysis 
JEL-codes E32; F42 
ISSN / e-ISSN 1057-5219 
auki Internet addresses
Additional information Available online 28 November 2018.
Notes Bank of Finland Discussion Paper 28/2017 
Open Access Open access -publication