Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU
AbstractUsing annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results support the specialisation paradigm rather than the endogeneity hypothesis. Evidence is found in the euro period of diverging patterns between the core and the peripheral EMU countries raising questions about the future stability of EMU.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 4172.
Date of creation: 2013
Date of revision:
output synchronisation; trade intensity; endogeneity; European Monetary Union (EMU);
Other versions of this item:
- Guglielmo Maria Caporale & Roberta De Santis & Alessandro Girardi, 2013. "Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU," Discussion Papers of DIW Berlin 1277, DIW Berlin, German Institute for Economic Research.
- F10 - International Economics - - Trade - - - General
- F15 - International Economics - - Trade - - - Economic Integration
- F17 - International Economics - - Trade - - - Trade Forecasting and Simulation
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
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