GDP volatility before and after the euro : the evidence
AbstractThe message in this note is that the adoption of the Euro has changed the effect of Eurozone countries’ economic fundamentals on per capital Gross Domestic Product (GDPpc) growth rate volatility (economic uncertainty). Increments in government debt significantly decreased GDPpc growth rate volatility before the Euro, but increased it after. The other fundamentals exhibit less structural change on economic uncertainty. These stylized facts are robust to different measures of GDPpc growth rate volatility and to the exclusion of the recent financial crisis period, and are specific to the Eurozone countries in Europe.
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Bibliographic InfoPaper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we1221.
Date of creation: Jul 2012
Date of revision:
GDPpc growth rate volatility; Euro; Eurozone countries; Economic uncertainty; Government debt; Economic fundamentals;
Find related papers by JEL classification:
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- F00 - International Economics - - General - - - General
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
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- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-23 (All new papers)
- NEP-EEC-2012-07-23 (European Economics)
- NEP-FDG-2012-07-23 (Financial Development & Growth)
- NEP-MAC-2012-07-23 (Macroeconomics)
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