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Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU

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  • Guglielmo Maria Caporale
  • Roberta De Santis
  • Alessandro Girardi

Abstract

Using 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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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.417289.de/dp1277.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 1277.

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Length: 33 p.
Date of creation: 2013
Date of revision:
Handle: RePEc:diw:diwwpp:dp1277

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Keywords: output synchronisation; trade intensity; endogeneity; European Monetary Union (EMU);

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  1. Sergio de Nardis & Roberta De Santis & Claudio Vicarelli, 2008. "The Euro's Effects on Trade in a Dynamic Setting," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 5(1), pages 73-85, June.
  2. Mitchell A. Petersen, 2009. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 22(1), pages 435-480, January.
  3. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  4. Hans-Wener Sinn & Teresa Buchen & Timo Wollmershauser, 2011. "Trade Imbalances: Causes, Consequences, and Policy Measures," Book Chapters, Emerging Markets Forum, in: Jack T. Boorman & André Icard (ed.), Reform of the International Monetary System: The Palais Royal Initiative, chapter 26, pages 321-342 Emerging Markets Forum.
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Cited by:
  1. Tomas Adam & Oxana Babecka Kucharcukova & Jan Babecky & Jan Bruha & Tomas Holub & Eva Hromadkova & David Kocourek & Lubos Komarek & Zlatuse Komarkova & Kamila Kulhava & Petr Kral & Ivana Kubicova & Ji, 2013. "Analyses of the Czech Republic's Current Economic Alignment with the Euro Area 2013," Occasional Publications - Edited Volumes, Czech National Bank, Research Department, Czech National Bank, Research Department, number as13 edited by Jakub Mateju & Kamila Kulhava, August.

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