Analysis Of The Long-Term Interest Rate In The New Member States During The Process Of Adopting The Euro
AbstractWith all its effects, positive and negative, the global economic and financial crisis continues to cause disturbances to the markets, causing at the same time an introspective analysis of the overall macroeconomic international and national situation. In this context, the present article aims to monitor the interest rates that comply with the Maastricht criterion in the new EU Member States (NMS). An argument for the analysis of this criterion in NMS is that the market of long-term government bond yields has also experienced a high volatility during the period 2008-2010, although paradoxically, according to theory, it is rather related to the compliance with the inflation criterion, than to the other nominal and real criteria or aspects. However, in reality, the long-term government bond yields evolution shows an accumulation of negative signals, both from the fiscal-budgetary deficits and from the other nominal and real macroeconomic variables. In this way, the paper argues why the increase of long-term interest rate differentials in the NMS in 2008- 2010 was possible, compared with the reference value and with the euro area average.
Download InfoIf 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.
Bibliographic InfoArticle provided by Centre of Financial and Monetary Research "Victor Slavescu" in its journal Studii Financiare (Financial Studies).
Volume (Year): 14 (2010)
Issue (Month): 4 ()
Contact details of provider:
Postal: Casa Academiei, Calea 13 Septembrie nr.13, sector 5, Bucuresti
Phone: 004 021 3182419
Fax: 004 021 3182419
Web page: http://www.icfm.ro/
More information through EDIRC
convergence criteria; European integration; new member states; global economic and financial crisis;
Find related papers by JEL classification:
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G01 - Financial Economics - - General - - - Financial Crises
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
- P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral 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: (Corina Saman).
If references are entirely missing, you can add them using this form.