Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297495 
Year of Publication: 
2019
Citation: 
[Journal:] Contemporary Economics [ISSN:] 2300-8814 [Volume:] 13 [Issue:] 4 [Year:] 2019 [Pages:] 427-445
Publisher: 
University of Finance and Management in Warsaw, Faculty of Management and Finance, Warsaw
Abstract: 
With strong historical ties, and economic linkages that have continued to grow after the fall of the Soviet Union, the Baltic and Nordic regions form a unique economic space. How interconnected are these regions, both to each other and to the rest of the world? Greater connections can help forecast future economic linkages-and also help assess the strength of the Euro as a common currency. This study applies two methods of business-cycle analysis (cross-correlations and Markov switching approaches) to seven countries in these regions. Both methods find evidence of a single Baltic common cycle for both output and consumption, while a Nordic cycle exists only for output, and there is no single common Baltic-Nordic cycle. Tests of correlation and concordance show there to be relatively strong connections with Germany, the U.S., and Russia-with Nordic-Baltic linkages also quire strong-but that the specific results vary by the method used.
Subjects: 
Baltic region
Nordic region
Business cycles
Cross-correlations
Markov-switching
JEL: 
F44
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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