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Title: Business cycle synchronisation and currency unions: A review of the econometric evidence using meta-analysis
Authors: Campos, NF
Korhonen, I
Fidrmuc, J
Keywords: Business cycles synchronisation;Optimum currency areas;EMU;Euro;Meta-analysis
Issue Date: 2018
Publisher: Elsevier
Citation: International Review of Financial Analysis
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.
ISSN: 1057-5219
Appears in Collections:Dept of Economics and Finance Research Papers

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