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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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  • 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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Bibliographic 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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Keywords: EU enlargement; OCA; real exchange rates; cointegration; GPPP.;

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References

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  1. Brissimis, Sophocles N. & Delis, Manthos D., 2011. "Bank-level estimates of market power," European Journal of Operational Research, Elsevier, vol. 212(3), pages 508-517, August.
  2. George Hondroyiannis, 2009. "Fertility Determinants and Economic Uncertainty:An Assessment Using European Panel Data," Working Papers 96, Bank of Greece.
  3. Athanasoglou, Panayiotis & Georgiou, Evangelia & Staikouras, Christos, 2008. "Assessing output and productivity growth in the banking industry," MPRA Paper 31996, University Library of Munich, Germany.
  4. Zarko Lazarevic, 2008. "Banking Performance in South-Eastern Europe During the Interwar Period," Working Papers 79, Bank of Greece.
  5. Alexandros E. Milionis & Evangelia Papanagiotou, 2008. "A Note on the Use of Moving Average Trading Rules to Test For Weak from Efficiency in Capital Markets," Working Papers 91, Bank of Greece.
  6. 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.
  7. Michael D. Bordo, 2008. "Growing up to Financial Stability," Working Papers 85, Bank of Greece.
  8. 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.
  9. 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.
  10. Sophia Lazaretou, 2008. "Banking and Central Banking in Pre-WWII Grecce: Money and Currency Developments," Working Papers 86, Bank of Greece.
  11. Donato Masciandaro & Marc Quintyn, 2008. "Institutions Matter: Financial Supervision Architecture, Central Bank and Path Dependence. General Trends and the South Eastern European Countries," Working Papers 89, Bank of Greece.
  12. Dimitris Papageorgiou, 2009. "Macroeconomic Implications of Alternative Tax Regimes: The Case of Greece," Working Papers 97, Bank of Greece.
  13. George A. Zombanakis & Constantinos Stylianou & Andreas S. Andreou, 2009. "The Greek Current Account Deficit:Is it Sustainable after all?," Working Papers 98, Bank of Greece.
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Cited by:
  1. Chrysanthidou, Efthimia & Gogas, Periklis & Papadimitriou, Theophilos, 2012. "Optimum Currency Areas within the US and Canada a Data Analysis Approach," DUTH Research Papers in Economics 4-2012, Democritus University of Thrace, Department of Economics.
  2. Vasilis Droucopoulos & Panagiotis Chronis, 2010. "“Assessing market dominance”: a comment and an extension," Working Papers 109, Bank of Greece.

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