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Assessing The Endogeneity Of Oca Conditions In Emu

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  • CARLOS VIEIRA
  • ISABEL VIEIRA

Abstract

The academic and political discussion about which countries met the conditions for joining EMU was decisively influenced by the Frankel and Rose (1997) hypothesis concerning endogenous OCA properties. The answer to their question "Is EMU more justifiable ex post than ex ante?" was a definite yes in their ex ante analysis. Our ex post examination of the euro's first decade, however suggests that the hypothesis does not hold for some countries. This paper utilizes panel data estimation techniques to compute OCA indices that help assess the OCA endogeneity hypothesis and signal current external and fiscal imbalances.

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File URL: http://hdl.handle.net/10.1111/j.1467-9957.2012.02321.x
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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School.

Volume (Year): 80 (2012)
Issue (Month): (09)
Pages: 77-91

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Handle: RePEc:bla:manchs:v:80:y:2012:i::p:77-91

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  1. Rainer Schweickert, 2001. "Assessing the Advantages of EMU-Enlargement for the EU and the Accession Countries: A Comparative Indicator Approach," Kiel Working Papers 1080, Kiel Institute for the World Economy.
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  5. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, Elsevier, vol. 41(3-5), pages 753-760, April.
  6. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 108(449), pages 1009-25, July.
  7. Nikos Christodoulakis, 2009. "Ten Years of EMU: convergence, divergence and new policy priorities," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 22, Hellenic Observatory, LSE.
  8. Roman Horvath, 2005. "Exchange rate variability, pressures and optimum currency area criteria: some empirical evidence from the 1990s," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(15), pages 919-922.
  9. Olivier Blanchard, 2007. "Current Account Deficits in Rich Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(2), pages 127-158, June.
  10. Roman Horvath, 2007. "Ready for Euro? Evidence on EU new member states," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(14), pages 1083-1086.
  11. Martin Cincibuch, David Vávra, 2001. "Toward the European Monetary Union - A Need for Exchange Rate Flexibility?," Eastern European Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 39(6), pages 23-63, November.
  12. Harris Dellas & George S.Tavlas, 2009. "An Optimum-Currency-Area Odyssey," Working Papers, Bank of Greece 102, Bank of Greece.
  13. Kim, Yoonbai & Chow, Hwee Kwan, 2003. "Optimum currency area in Europe: an alternative assessment," Economics Letters, Elsevier, Elsevier, vol. 81(3), pages 297-304, December.
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