  
WP 56/2008: Konjunkturcykler i Danmark og Europa
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| Author(s): | Dam, Niels Arne |
| Subject: | Danish economy; International Economy |
| Type: | Working Papers |
| Year of publication: | 2008 |
| Date of publication: | 09/09/2008 |
Several countries at the core of the Euro area have experienced
coincident business cycles during the most recent decades, while the
Danish economy seemed detached from these cycles during the
1980's and part of the 1990's. To a large degree, the decoupling of
the Danish economy reflects fundamental changes in the Danish
economic policy during this period. Towards the end of the 1990's a
remarkable business-cycle convergence occurred between most of
the industrialised countries, as documented in a series of empirical
analyses. In the same period, the correlation between Danish and
Euro area business cycles increased markedly. Over the most recent
years, however, this global convergence has decreased again, while
the correlation between Euro-area core economies has remained
high. The Danish economy has also maintained a relatively high
business-cycle correlation with the Euro-area core countries. (only in Danish)
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