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Business Cycles Synchronization with the Euro Area. The Case of CEE Countries

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  • Marinaº Marius-Corneliu

    (Bucharest University of Economic Studies, Department of Economics)

Abstract

The optimum currency area theory and the economic literature settled that the convergence of the business cycles is one of the most important criteria in establishing the costs and the benefits of the adhesion to a monetary union. If the action of various types of economic shocks, respectively the speed in neutralizing them is very similar among economies, then their own monetary policy will no longer be necessary as those shocks may be adjusted by means of a common monetary policy. Thus, the costs for giving up their own currency get decreased, thus increasing the benefits of the monetary integration. In this study, I have proposed to estimate the correlation of the CEE countries' business cycles with the average of the Euro area, in order to establish the extent of the potential costs generated by the loss of monetary independence.

Suggested Citation

  • Marinaº Marius-Corneliu, 2013. "Business Cycles Synchronization with the Euro Area. The Case of CEE Countries," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 220-225, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:1:p:220-225
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    Keywords

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F15 - International Economics - - Trade - - - Economic Integration

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