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Optimum Currency Areas Structural Changes and the Endogeneity of the OCA Criteria: Evidence from Six New EU Member States

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Author Info
Dimitrios Sideris () (Bank of Greece and Panteion University)
Abstract

The present paper has two aims. The first aim is to test whether six new member states of the European Union (the six Central and Eastern European Countries) form an optimum currency area (OCA) with the eurozone, in an attempt to assess their readiness for euro adoption. The second aim is to examine whether the introduction of the euro in 1999 and the decision of the countries to seek to join the euro area created any forces fostering their convergence, evidence which would be in line with the theory on the endogeneity of the OCA criteria. Our findings indicate that the introduction of the euro did promote integration of the six new member states and that, at present, they are quite well aligned with the eurozone.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper200999.pdf
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Publisher Info
Paper provided by Bank of Greece in its series Working Papers with number 99.

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Length: 30 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:bog:wpaper:99

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Web page: http://www.bankofgreece.gr
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Related research
Keywords: EU enlargement; OCA; real exchange rates; cointegration; GPPP.;

Other versions of this item:

Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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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.:
  1. Dimitris Papageorgiou, 2009. "Macroeconomic Implications of Alternative Tax Regimes: The Case of Greece," Working Papers 97, Bank of Greece. [Downloadable!]
  2. Bordo, Michael D., 2008. "Growing up to Financial Stability," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(12), pages 1-17. [Downloadable!]
  3. Nikolay Nenovsky & Martin Ivanov & Gergana Mihaylova, 2008. "The Evolution of Bulgarian Banks' Efficiency During the Twenties: A Dea Approach," Working Papers 82, Bank of Greece. [Downloadable!]
  4. Sophocles N. Brissimis & Manthos D. Delis, 2009. "Bank-Level Estimates of Market Power," Working Papers 93, Bank of Greece. [Downloadable!]
  5. George Hondroyiannis, 2009. "Fertility Determinants and Economic Uncertainty:An Assessment Using European Panel Data," Working Papers 96, Bank of Greece. [Downloadable!]
  6. Apostolides, Alexander, 2008. "“How Similar to South-Eastern Europe were the Islands of Cyprus and Malta in terms of Agricultural Output and Credit? Evidence during the Interwar Period”," MPRA Paper 9968, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  7. Zarko Lazarevic, 2008. "Banking Performance in South-Eastern Europe During the Interwar Period," Working Papers 79, Bank of Greece. [Downloadable!]
  8. Michael D. Bordo, 2008. "Growing up to Financial Stability," Working Papers 85, Bank of Greece. [Downloadable!]
  9. Panayiotis P. Athanasoglou & Evangelia A. Georgiou & Christos C. Staikouras, 2008. "Assessing Output and Productivity Growth in the Banking Industry," Working Papers 92, Bank of Greece. [Downloadable!]
  10. Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008. "The classification and performance of alternative exchange-rate systems," European Economic Review, Elsevier, vol. 52(6), pages 941-963, August. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2009-12-1.

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