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Business Cycle Synchronization in Europe: Evidence from the Scandinavian Currency Union

  • U. Michael Bergman
  • Lars Jonung

This paper studies business cycle synchronization in the three Scandinavian countries Denmark, Norway and Sweden prior to, during and after the Scandinavian Currency Union 1873-1913. We find that the degree of synchronization tended to increase during the currency union, thus supporting earlier empirical evidence. Estimates of factor models suggest that common Scandinavian shocks are important for these three countries. At the same time we find evidence suggesting that the importance of these shocks does not depend on the monetary regime.

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File URL: http://ec.europa.eu/economy_finance/publications/economic_paper/2010/pdf/ecp402_en.pdf
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Paper provided by Directorate General Economic and Financial Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 402.

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Length: 63 pages
Date of creation: Feb 2010
Date of revision:
Handle: RePEc:euf:ecopap:0402
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