Testing for Real Interest Rate Convergence in European Countries
AbstractThe authors use cointegration tests that determine endogenously the regime shift to test for bilateral short-term and long-term real interest rate convergence in the European Monetary System in the 1979-93 period. The results of these tests provide strong evidence in favor of bilateral real interest rate convergence between Germany and several countries in the authors' sample, particularly for long-term real interest rates. This result carries the important policy implication that, in several European countries, monetary policy has lost some of its effectiveness as a stabilization policy tool. Copyright 1999 by Scottish Economic Society.
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 46 (1999)
Issue (Month): 2 (May)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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Other versions of this item:
- Stilianos Fountas & Jyh-lin Wu, 1998. "Testing for Real Interest Rate Convergence in European Countries," Working Papers 24, National University of Ireland Galway, Department of Economics, revised 1998.
- F3 - International Economics - - International Finance
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