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This diploma thesis examines the endogeneity hypothesis of the optimum currency area theory. Cyclical components of gross domestic product and index of industrial production are identified by three selected techniques. The convergence of the surveyed countries is assessed by correlation and cluster analysis. Correlation coefficients between the euro area and the 26 countries are used as dependent variables. Independent variables represent the optimum currency area criteria. Influence of the optimum currency area criteria upon the correlation of business cycles is verified in the 66 simple and 11 multivariate regressions. According to the empirical results, convergence of business cycles is endogenous, endogeneity hypothesis is not rejected. |
