Advanced Search
MyIDEAS: Login to save this article or follow this journal

Appréciations et conséquences possibles de l'hétérogénéité structurelle de la zone euro

Contents:

Author Info

  • Alexis Penot

Abstract

[eng] Assessment and consequences of the structural heterogeneity of the euro zone . To guarantee its success, the project of EMU was based on a nominal convergence between Member states. But was the structural convergence reached ? As far as this convergence will guarantee that the single monetary policy will have the same consequences for all the Member states, this article tries to answer this question. It shows in a first part that the macroeconomic empirical proofs are vague and that a more meticulous analyse, in particular on the financial structures, will be necessary in both following parts. . JEL classifications : E5, E6, G1, G2 [fre] Pour garantir son succès, le projet d’Union économique et monétaire s’est construit sur une convergence nominale entre les pays membres. Mais la convergence structurelle at-elle été atteinte ? Dans la mesure où c’est cette dernière qui garantira que la politique monétaire unique aura les mêmes conséquences pour tous les pays membres, c’est à cette question que tente de répondre cet article. Il montre dans une première partie que les preuves empiriques macroéconomiques sont incertaines et qu’un examen plus minutieux, en particulier sur les structures financières et sur le mode de formation des prix, sera nécessaire dans les deux parties suivantes. . Classification JEL : E5, E6, G1, G2

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://dx.doi.org/doi:10.3406/ecofi.2002.3772
Download Restriction: no

File URL: http://www.persee.fr/articleAsPDF/ecofi_0987-3368_2002_num_65_1_3772/ecofi_0987-3368_2002_num_65_1_3772.pdf?mode=light
Download Restriction: no

Bibliographic Info

Article provided by Programme National Persée in its journal Revue d'économie financière.

Volume (Year): 65 (2002)
Issue (Month): 1 ()
Pages: 153-175

as in new window
Handle: RePEc:prs:recofi:ecofi_0987-3368_2002_num_65_1_3772

Note: DOI:10.3406/ecofi.2002.3772
Contact details of provider:
Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

Related research

Keywords:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. G.J. de Bondt, 1999. "Credit Channels and Consumption: European Evidence," DNB Staff Reports (discontinued) 39, Netherlands Central Bank.
  2. Calmfors, Lars, 1998. "Monetary Union and Precautionary Labour-Market Reform," Seminar Papers 659, Stockholm University, Institute for International Economic Studies.
  3. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
  4. Giovannetti, Giorgia & Marimon, Ramon, 1998. "An EMU with Different Transmission Mechanisms," CEPR Discussion Papers 2016, C.E.P.R. Discussion Papers.
  5. Francesco Giavazzi, 1999. "The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks’ Balance Sheets," Working papers 99-20, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Benedict J. Clements & Zenon Kontolemis G. & Joaquim Vieira Ferreira Levy, 2001. "Monetary Policy Under EMU Differences in the Transition Mechanism?," IMF Working Papers 01/102, International Monetary Fund.
  7. J.A. Bikker, 1999. "Efficiency in the European banking industry: an exploratory analysis to rank countries," Research Series Supervision (discontinued) 18, Netherlands Central Bank, Directorate Supervision.
  8. Gilles Saint Paul & Samuel Bentolila, 2000. "Will EMU increase eurosclerosis?," Economics Working Papers 449, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Ehrmann, Michael & Gambacorta, Leonardo & Martinéz Pagés, Jorge & Sevestre, Patrick & Worms, Andreas, 2001. "Financial systems and the role of banks in monetary policy transmission in the euro area," Working Paper Series 0105, European Central Bank.
  10. Loïc Cadiou & Stéphanie Guichard & Mathilde Maurel, 1999. "La diversité des marchés du travail en Europe : Quelles conséquences pour l'Union Monétaire," Working Papers 1999-11, CEPII research center.
  11. Cukierman, Alex & Lippi, Francesco, 2001. "Labour Markets and Monetary Union: A Strategic Analysis," Economic Journal, Royal Economic Society, vol. 111(473), pages 541-65, July.
  12. Fernando Barran & Virginie Coudert & Benoît Mojon, 1997. "La transmission des politiques monétaires dans les pays européens," Revue Française d'Économie, Programme National Persée, vol. 12(2), pages 133-158.
  13. Mojon, Benoît, 2000. "Financial structure and the interest rate channel of ECB monetary policy," Working Paper Series 0040, European Central Bank.
  14. Mojon, Benoît & Kashyap, Anil K. & Angeloni, Ignazio & Terlizzese, Daniele, 2002. "Monetary Transmission in the Euro Area : Where Do We Stand?," Working Paper Series 0114, European Central Bank.
  15. Mojon, Benoit & Smets, Frank & Vermeulen, Philip, 2002. "Investment and monetary policy in the euro area," Journal of Banking & Finance, Elsevier, vol. 26(11), pages 2111-2129, November.
  16. M.M.G. Fase & G.J. de Bondt, 1999. "Institutional environment and monetary transmission in the euro area: a cross-country view (in Dutch)," WO Research Memoranda (discontinued) 599, Netherlands Central Bank, Research Department.
  17. Mojon, Benoît & Peersman, Gert, 2001. "A VAR description of the effects of monetary policy in the individual countries of the euro area," Working Paper Series 0092, European Central Bank.
  18. Michael Ehrmann, 2000. "Comparing monetary policy transmission across European countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 136(1), pages 58-83, March.
  19. Gual, Jordi, 1999. "Deregulation, Integration and Market Structure in European Banking," CEPR Discussion Papers 2288, C.E.P.R. Discussion Papers.
  20. Bruno, C. & Fuss, C., 1999. "Asymmetries on European labour markets," Documents de Travail de l'OFCE 1999-03, Observatoire Francais des Conjonctures Economiques (OFCE).
  21. Stephen G. Cecchetti & Nelson C. Mark & Robert J. Sonora, 2000. "Price Level Convergence Among United States Cities: Lessons for the European Central Bank," NBER Working Papers 7681, National Bureau of Economic Research, Inc.
  22. Rudiger Dornbusch & Carlo A. Favero & Francesco Giavazzi, 1998. "The Immediate Challenges for the European Central Bank," NBER Working Papers 6369, National Bureau of Economic Research, Inc.
  23. S. Sgherri, 2000. "When is labour market flexibility welcome? More on asymmetric policy impacts in Europe," WO Research Memoranda (discontinued) 619, Netherlands Central Bank, Research Department.
  24. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 2-18.
  25. Rudi Dornbusch & Carlo Favero & Francesco Giavazzi, 1998. "Immediate challenges for the European Central Bank," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 15-64, 04.
  26. Boeri, Tito & Nicoletti, Giuseppe & Scarpetta, Stefano, 2000. "Regulation And Labour Market Performance," CEPR Discussion Papers 2420, C.E.P.R. Discussion Papers.
  27. Ehrmann, Michael, 2000. "Firm size and monetary policy transmission: evidence from German business survey data," Working Paper Series 0021, European Central Bank.
  28. G.J. de Bondt, 1997. "Monetary transmission in six EU-countries: an introduction and overview," WO Research Memoranda (discontinued) 527, Netherlands Central Bank, Research Department.
  29. Benoît Mojon & Virginie Coudert, 1997. "Asymétries financières et transmission de la politique monétaire en Europe," Économie et Prévision, Programme National Persée, vol. 128(2), pages 41-60.
  30. Gual, Jordi, 1999. "Deregulation, Integration, and Market Structure in European Banking," Journal of the Japanese and International Economies, Elsevier, vol. 13(4), pages 372-396, December.
  31. Gual, Jordi, 1999. "Deregulation, integration and market structure in European banking," IESE Research Papers D/397, IESE Business School.
  32. McAdam, Peter & Morgan, Julian, 2001. "The monetary transmission mechanism at the euro-area level: issues and results using structural macroeconomic models," Working Paper Series 0093, European Central Bank.
  33. Calmfors, Lars, 1998. "Unemployment, Labour-Market Reform and Monetary Union," Seminar Papers 639, Stockholm University, Institute for International Economic Studies.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Cornel Oros, 2009. "Economic Governance in an Asymmetric Monetary Union: A Fiscal Policy Game Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 39-60.
  2. Séverine Menguy, 2005. "Hétérogénéité structurelle des pays membres et conflit d’objectifs entre les autorités économiques dans l'UEM," Économie et Prévision, Programme National Persée, vol. 169(3), pages 41-58.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2002_num_65_1_3772. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.