Endogeneity and Specialization Theories of Optimal Currency Areas: A Comparative European Study
In this thesis the group of European countries that signed the Maastricht treaty are investigated subject to the endogeneity aspect and the specialization effect of optimal currency areas. The main method used is time series factor analysis for identification of a common European business cycle. To give the analysis a firm basis the USA is compared with European countries during the 1970-2010 peri