Url, Thomas (Austrian Institute of Economic Research)
Abstract
The paper classifies small open economies in Europe into three categories. First, countries moving primarily in line with international fluctuations. Second, countries responding mainly to shocks at the EU level, and third, countries where fluctuations can be attributed essentially to domestic shocks. A variance decomposition of residuals from a Structural Vector Autoregression model is used for this classification. The results allow an assessment of the degree of real integration in Europe and of the benefits and costs from further steps of integration.
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Publisher Info
Paper provided by National Institute of Economic Research in its series Working Paper with number
51.
Length: 40 pages Date of creation: 01 Apr 1996 Date of revision: Handle: RePEc:hhs:nierwp:0051
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