Further evidence on the international business cycle and the ERM: is there a European business cycle?

Successful exchange rate regimes impose policy disciplines that are likely to lead to conformity in the business cycles of the participating countries. This conjecture is borne out in the paper by the evidence in it that the business cycle affiliation of ERM member countries has shifted from the Uni...

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Bibliographic Details
Published in:Oxford economic papers 1999-01, Vol.51 (1), p.120-132
Main Authors: Artis, MJ, Zhang, W
Format: Article
Language:English
Subjects:
Business cycles
Business economics
Business orders
Conformity
Correlation coefficients
Currency
Datasets
Economic fluctuations
Economic integration
Economic theory
European Monetary System
European Union
Exchange Rate Mechanism
Exchange rate policy
Exchange rate regimes
Exchange rates
Floating exchange rates
Foreign exchange rates
Significance level
Studies
Trade relations
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Summary:Successful exchange rate regimes impose policy disciplines that are likely to lead to conformity in the business cycles of the participating countries. This conjecture is borne out in the paper by the evidence in it that the business cycle affiliation of ERM member countries has shifted from the United States to Germany since the formation of the ERM. This effect is bolstered by the growing links in trade between the EU countries. The United Kingdom is conspicuous among the latter in that its business cycle affiliation did not change in the period covered by the study.
ISSN:0030-7653
1464-3812
1464-3812
DOI:10.1093/oep/51.1.120