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Should Finland and Sweden Form a Monetary Union?

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Author Info
Jonung, Lars () (Dept. of Economics, Stockholm School of Economics)
Sjöholm, Fredrik () (The European Institute of Japanese Studies)

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Abstract

This paper surveys the future exchange rate policy of Finland and Sweden using the theory of optimal currency areas as a framework for the analysis. We examine which countries are most suitable to form a currency union with Finland and Sweden. The Finnish and Swedish economies display great similarities regarding industrial structure, business cycle patterns, migration and the design of economic policies. There are substantial differences between on the one hand Finland and Sweden, and on the other, many EU countries which are potential members of a future EMU. Our calculations give support for a Finnish-Swedish currency union and put a Finnish-Swedish membership of the EMU into question. Our results stress the importance of Finnish-Swedish co-operation in monetary matters. This could take many forms, of which a monetary union is one.

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Publisher Info
Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 224.

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Length: 30 pages
Date of creation: 26 Feb 1998
Date of revision:
Publication status: Forthcoming in The World Economy, 1999.
Handle: RePEc:hhs:hastef:0224

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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Related research
Keywords: Monetary integration optimum currency areas Finland Sweden.

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Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Lundborg, Per, 1991. " Determinants of Migration in the Nordic Labor Market," Scandinavian Journal of Economics, Blackwell Publishing, vol. 93(3), pages 363-75.
  2. Fleming, J Marcus, 1971. "On Exchange Rate Unification," Economic Journal, Royal Economic Society, vol. 81(323), pages 467-88, September. [Downloadable!] (restricted)
  3. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April. [Downloadable!] (restricted)
  4. U. Michael Bergman & Michael M. Hutchison & Yin-Wong Cheung, . "Should the Nordic Countries Join A European Monetary Union? An Empirical Analysis," EPRU Working Paper Series 97-21, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  5. Agathe Cote, . "Exchange Rate Volatility and Trade: A Survey," Working Papers 94-5, Bank of Canada. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Mkenda, Beatrice Kalinda, 2001. "Is East Africa an Optimum Currency Area?," Working Papers in Economics 41, Göteborg University, Department of Economics. [Downloadable!]
  2. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Byström, Hans & Olofsdotter , Karin & Söderström, Lars, 2005. "Is China an Optimum Currency Area?," Working Papers 2005:6, Lund University, Department of Economics.
Statistics
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