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CHARACTERIZING MACROECONOMIC SHOCKS IN THE CEECs

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Author Info

  • Oscar Bajo-Rubio

    (Universidad de Castilla-La Mancha and Instituto de Estudios Fiscales)

  • Carmen Díaz-Roldán

    (Universidad de Castilla-La Mancha)

Abstract

In this paper we analyze the nature of the shocks hitting the CEECs over the recent years. To this end, we first evaluate the relative importance of symmetric vs. 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.

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Bibliographic Info

Paper provided by Asociación Española de Economía y Finanzas Internacionales in its series Working Papers with number 05-12.

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Length: 10 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:aee:wpaper:0512

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Related research

Keywords: Monetary union; Central and Eastern European countries; asymmetric shocks; temporary shocks;

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References

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  1. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  2. 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.
  3. Alberto Alesina & Robert J. Barro, 2000. "Currency Unions," NBER Working Papers 7927, National Bureau of Economic Research, Inc.
  4. 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.
  5. Fidrmuc, Jarko & Korhonen, Iikka, 2003. "Similarity of supply and demand shocks between the euro area and the CEECs," Economic Systems, Elsevier, vol. 27(3), pages 313-334, September.
  6. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
  7. Süppel, Ralph, 2003. "Comparing economic dynamics in the EU and CEE accession countries," Working Paper Series 0267, European Central Bank.
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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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