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The effects of US economic and financial crises on euro area convergence

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Author Info

  • Fabio Bagliano

    ()
    (University of Turin and CeRP)

  • Claudio Morana

    ()
    (Università del Piemonte Orientale and CeRP)

Abstract

As economic and financial integration between the US and the euro area is strong, assessing whether the recent US crisis may affect the process of real and nominal convergence within the euro area is important. The paper addresses this issue in the framework of a large-scale open economy macroeconometric model, featuring 14 euro area member countries, the USA, and 35 advanced and emerging economies. The results point to a likely contribution of US economic and financial crises to real divergence in the euro area, potentially affecting first, second and third moments of the output growth distribution; on the other hand, implications for nominal convergence are less clear-cut.

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Bibliographic Info

Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number 99.

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Length: 25 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:crp:wpaper:99

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Related research

Keywords: Euro area convergence; Great Recession; financial crisis; economic crisis; factor vector autoregressive models;

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  1. Haan, Jakob de & Inklaar, Robert & Jong-A-Pin, Richard, 2005. "Will business cycles in the Euro Area converge : a critical survey of empirical research," CCSO Working Papers, University of Groningen, CCSO Centre for Economic Research 200508, University of Groningen, CCSO Centre for Economic Research.
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Cited by:
  1. TRIANDAFIL, Cristina Maria, 2013. "Sustainability of convergence in the context of macro-prudential policies in the European Union," Working Papers of National Institute of Economic Research, National Institute of Economic Research 130618, National Institute of Economic Research.

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