Are monetary unions more synchronous than non-monetary unions?

Arbeitspapier

Within currency unions, the conventional wisdom is that there should be a high degree of macroeconomic synchronicity between the constituent parts of the union. But this conjecture has never been formally tested by comparing sample of monetary unions with a control sample of countries that do not belong to a monetary union. In this paper we take euro area data, US State macro data, Canadian provincial data and Australian state data — namely real Gross Domestic Product (GDP) growth, the GDP deflator growth and unemployment rate data — and use techniques relating to recurrence plots to measure the degree of synchronicity in dynamics over time using a dissimilarity measure. The results show that for the most part monetary unions are more synchronous than non-monetary unions, but that this is not always the case and particularly in the case of real GDP growth. Furthermore, Australia is by far the most synchronous monetary union in our sample.

Angaben zum Objekt

• ISBN: 978-952-323-053-8
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Bank of Finland Research Discussion Papers ; No. 11/2015

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Econometric and Statistical Methods: Special Topics: Other ; Business Fluctuations; Cycles ; International Business Cycles ; Macroeconomic Issues of Monetary Unions ; Economic Impacts of Globalization: Macroeconomic Impacts

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Crowley, Patrick M. ; Trombley, Christopher
• Ereignis: Veröffentlichung
• (wer): Bank of Finland
• (wo): Helsinki
• (wann): 2015

Weitere Informationen

• Handle: http://hdl.handle.net/10419/212319
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ