منابع مشابه
The Maastricht criteria and the Euro: Has the convergence continued?
We analyze the performance of the Maastricht convergence criteria (inflation, long-term interest rate, annual and overall public debt) of the European Monetary Union (EMU) that led to the introduction of the Euro on Jan. 1 1999 as book currency. Defining 3 regimes, 1992-97, 1997-1999 and 2000-2001, we analyse convergence properties, like a smooth or a rough transition in the mean or variance sh...
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This paper investigates the long-run convergence of national inflation rates in the European Union. The application of a new test is proposed that involves unit root testing of the first principal component based on national-EU inflation differentials. Using inflation data based on harmonized consumer price indices for 1999-2007, the first principal component is stationary. This suggests that a...
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This paper introduces the measure of instantaneous correlation to study the effects of a common currency on cyclical correlation and convergence in the euro zone. Conventional, backwardlooking measures of correlation are not appropriate for a dynamic currency union. An accurate measure of cyclical correlation must account for the change in economic structures due to a common currency and the co...
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Cluster analysis is used to explore the performance of key macroeconomic variables in European countries that share the euro, from the inception of the currency in 2002 through to 2013. An original applied statistical approach searches for a pattern synthesis across a matrix of macroeconomic data to examine if there is evidence for country clusters and whether there is convergence of the cluste...
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The institutional characteristics of the 19 Euro countries, such as Government efficiency or undue influence or corporate ethics, have diverged in the period 2006-2015. This endangers the sustainability of the EMU, as institutional characteristics are an important element of competitiveness. We find that the overall inequality in the state of institutions across the EMU, as measured by the Gini...
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ژورنال
عنوان ژورنال: Politická ekonomie
سال: 2016
ISSN: 0032-3233,2336-8225
DOI: 10.18267/j.polek.1105