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Optimal Currency Areas and the Euro, Volume I

Business Cycles Synchronization

Authors: Kabderian Dreyer, Johannes, Schmid, Peter Alfons

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  • Argues that a central monetary authority should be able to adjust the economy’s interest rates if economic synchronization is strong
  • Describes the academic concerns about the lack of synchronised business cycles in the Euro Area
  • Discusses the evolvement towards more synchronization of business cycles in both Euro and non-Euro countries
  • Explores financial integration as a driver for business cycle synchronization
  • Offers policy recommendations with the objective of increasing future economic synchronization
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eBook 42,79 €
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  • ISBN 978-3-030-46515-5
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Hardcover 49,99 €
price for India (gross)
  • ISBN 978-3-030-46514-8
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  • Usually dispatched within 3 to 5 business days.
About this book

This book analyses business cycles synchronization in the Euro Area (EA), one of the 3 criteria that define Optimal Currency Areas (OCAs). Even before its launch, economists questioned whether the EA has what it takes to become an OCA. The onset of the sovereign debt crisis in 2010 confirmed the challenges relating to its construction. But did the EA change over time, and what key drivers may be necessary in the future to strengthen the common currency?

About the authors

Johannes Kabderian Dreyer is an Associate Professor of Financial Economics at Roskilde University, Denmark.  He earned his bachelor’s degree in Economics and his master’s in Finance at the Pontifical Catholic University of Rio de Janeiro, Brazil. He received his doctorate in Financial Economics from the Catholic University of Eichstätt-Ingolstadt, Germany.

Peter Alfons Schmid is a Professor of Business Administration at the FOM University of Applied Sciences, Germany.  He holds a diploma degree and doctorate from the Catholic University of Eichstätt-Ingolstadt, Germany.  He was a teaching and research assistant, worked as a professional at global and regional accounting firms and developed a tech start-up.


Reviews

“A reader-friendly little book full of refereed, but largely the authors own empirical analyses. Some of their results are as expected, others are surprising, and some of them will give rise to controversial discussions. They pose a challenge for proponents and critics of the euro and the institutional arrangements of the EMU. Worth reading for all of them.”

Dr. Johannes Schneider, Catholic University Eichstätt-Ingolstadt

“A common currency is more desirable the more symmetric are the macroeconomic shocks of its member countries. In their excellent new book, Dreyer and Schmid address this fundamental proposition both theoretically and empirically. They begin with a lucid survey of the macroeconomic consequences of symmetric and asymmetric shocks in the classic theory of optimal currency areas. They then implement the theory empirically to identify exactly which factors contribute to the synchronization of business cycles in the Euro Area. Advocates of the Euro will be relieved to learn that business cycles in the Euro-area are more synchronized than in the United States. They also suggest policies that the Euro-area can implement to strengthen synchronization. The book is well written, uses state-of-the-art econometrics, and has important implications for policy. It should be accessible to researchers, graduate students in economics, and policymakers.”

 —William T. Smith, Ph.D., Department of Economics, University of Memphis


Dreyer and Schmid present an insightful look into the creation of currency areas with emphasis on the Euro. They discuss factors and conditions necessary for its success and identify areas for improvement. The book is a must read for anyone interested in macroeconomics and currencies, especially academics and policy makers.”

Vivek Sharma, Ph.D., Department of Economics, University of Memphis

Table of contents (4 chapters)

Table of contents (4 chapters)

Buy this book

eBook 42,79 €
price for India (gross)
  • ISBN 978-3-030-46515-5
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover 49,99 €
price for India (gross)
  • ISBN 978-3-030-46514-8
  • Free shipping for individuals worldwide
  • Immediate ebook access, if available*, with your print order
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Optimal Currency Areas and the Euro, Volume I
Book Subtitle
Business Cycles Synchronization
Authors
Copyright
2020
Publisher
Palgrave Pivot
Copyright Holder
The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG
eBook ISBN
978-3-030-46515-5
DOI
10.1007/978-3-030-46515-5
Hardcover ISBN
978-3-030-46514-8
Edition Number
1
Number of Pages
XIV, 119
Number of Illustrations
7 b/w illustrations, 8 illustrations in colour
Topics

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