Kronunionens återkomst
En empirisk underso?kning av konjunkturscykler, arbetskraftsro?rlighet och handelsintegration fo?r att avgo?ra mo?jligheten att info?ra en gemensam valuta i Norden
Optimum Currency AreasOCANordicDenmarkFinlandIcelandNorwaySwedenTradeLabour MobilityBusiness cyclesOptimala valuta områdenNordenDanmarkFinlandIslandNorgeSverigeHandelArbetskraftsmobilitetKonjunkturcykler
This paper is an assessment of whether the Nordic countries constitute an optimum currency area (OCA) or not. Hodrick Prescott-?filtered data of real Gross Domestic Product (GDP) and rate of employment are used to investigate the similarity of business cycles between the target countries through a series of correlation analysis with Sweden as the base reference country and also by using a linear regression model. Additionally there is an evaluation of trade volume and labour mobility between the countries. Our results indicate that Iceland had the least similar business cycles within the Nordic countries and that the area should therefore possibly comprise Denmark, Finland, Norway and Sweden.