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Characterizing macroeconomic shocks in the CEECs

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  • Oscar Bajo-Rubio

    ()

  • Carmen Díaz-Roldán

    ()

Abstract

In this paper we analyze the nature of the shocks hitting the Central and Eastern European countries (CEECs) over the recent years. To this end, we first evaluate the relative importance of symmetric versus asymmetric shocks, and then extract their temporary component. Our final aim would be assessing the vulnerability of the CEECs to temporary and asymmetric shocks, which would be the most harmful case for the operation of a monetary union. Finally, a comparison with the case of the current EMU members is also presented. Copyright Springer Science+Business Media, LLC 2005

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File URL: http://hdl.handle.net/10.1007/s10644-006-9004-y
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Bibliographic Info

Article provided by Springer in its journal Economic Change and Restructuring.

Volume (Year): 38 (2005)
Issue (Month): 3 (December)
Pages: 227-234

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Handle: RePEc:kap:ecopln:v:38:y:2005:i:3:p:227-234

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Web page: http://www.springerlink.com/link.asp?id=113294

Related research

Keywords: Asymmetric shocks; Central and Eastern European countries; Monetary union; Temporary shocks;

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References

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  1. Barro, Robert & Alesina, Alberto, 2002. "Currency Unions," Scholarly Articles 4551795, Harvard University Department of Economics.
  2. Süppel, Ralph, 2003. "Comparing economic dynamics in the EU and CEE accession countries," Working Paper Series 0267, European Central Bank.
  3. Fidrmuc, Jarko & Iikka Korhonen, 2003. "Similarity of Supply and Demand Shocks Between the Euro Area and the CEECs," Royal Economic Society Annual Conference 2003 77, Royal Economic Society.
  4. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
  5. Michael Artis & Massimiliano Marcellino & Tommaso Proietti, 2005. "Business Cycles in the New EU Member Countries and their Conformity with the Euro Area," Journal of Business Cycle Measurement and Analysis, OECD Publishing,CIRET, vol. 2005(1), pages 7-41.
  6. Boone, Laurence & Maurel, Mathilde, 1999. "An Optimal Currency Area Perspective of the EU Enlargement to the CEECs," CEPR Discussion Papers 2119, C.E.P.R. Discussion Papers.
  7. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
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Cited by:
  1. Paul Cashin & Antonio Lemus, 2012. "The Eastern Caribbean Currency Union," IMF Working Papers 12/17, International Monetary Fund.

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