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Asymmetric Shocks Inside Future EMU

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Author Info

  • Beine, Michel

    ()
    (University of Lille II)

  • Hecq, Alain

    (Maastricht University)

Abstract

In this paper, we focus on the issue of shocks asymmetries in the future Euro - pean Monetary Union. Relying on the technique of codependence developed by Gouriéroux and Peaucelle [1989, 1993], we propose a new method which, unlike the analysis of Bayoumi and Eichengreen [1992], does not require any arbitrary restrictions. As a whole, our results support the idea of a two-speed Europe.

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Bibliographic Info

Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

Volume (Year): 12 (1997)
Issue (Month): ()
Pages: 131-140

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Handle: RePEc:ris:integr:0043

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Web page: http://econo.sejong.ac.kr/
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Related research

Keywords: Asymmetric; Shocks;

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Cited by:
  1. Norbert Fiess, 2007. "Business Cycle Synchronization and Regional Integration: A Case Study for Central America," World Bank Economic Review, World Bank Group, vol. 21(1), pages 49-72.
  2. Chan, Tze-Haw & Khong, Wye Leong Roy, 2007. "Business Cycle Correlation and Output Linkages among the Asia Pacific Economies," MPRA Paper 11305, University Library of Munich, Germany, revised 24 Oct 2008.
  3. Chan, Tze-Haw & Lau, Evan, 2004. "Business cycles and the synchronization process: a bounds testing approach," MPRA Paper 2030, University Library of Munich, Germany, revised 2005.
  4. Schor, Armand-Denis, 2000. "La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(4), pages 545-576, décembre.
  5. Michel Beine & Bertrand Candelon & Alain Hecq, 2000. "Assessing a Perfect European Optimum Currency Area: A Common Cycles Approach," Empirica, Springer, vol. 27(2), pages 115-132, June.
  6. Carlos Felipe Jaramillo & Daniel Lederman & Maurizio Bussolo & David Gould & Andrew Mason, 2006. "Challenges of CAFTA : Maximizing the Benefits for Central America," World Bank Publications, The World Bank, number 7127, October.
  7. Laurence Boone, 1997. "Symmetry and Asymmetry of Supply and Demand Shocks in the European Union," Working Papers 1997-03, CEPII research center.
  8. Alain Hecq & Franz Palm & Jean-Pierre Urbain, 2000. "Testing for Common Cyclical Features in Nonstationary Panel Data Models," CESifo Working Paper Series 248, CESifo Group Munich.

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