Chocs externes et ajustements des taux de change réels européens
[External shocks and adjustment of European real exchange rates]
AbstractThis paper asks whether external shocks (U.S. interest rates, U.S. industrial production, U.S. stocks prices and world industrial material price) have asymmetric effects on European relative prices (real exchange rates). On 1979-1993 period, the paper finds that two groups of countries may be distinguished; on one side Germany, France, Belgium and Netherlands; on another side, United Kingdom, Italy and Spain. The results imply misalignments in European real exchange rates when external shocks arise. Also, Europe is not an optimum currency area.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30241.
Date of creation: Jun 1995
Date of revision:
Relative prices; Real exchange rate; External shocks; Common European currency; Optimum currency area;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F31 - International Economics - - International Finance - - - Foreign Exchange
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
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